Fiscal Year 2018 Year-End Closing Guidance

The following information outlines the procedures, guidance and deadlines relating to the FY2018 fiscal year close.

 

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General Timeline

 

The published fiscal year deadlines are essential to ensuring that the University will be able to issue its year-end financial statements within the mandated time frame. FY2018 deadlines are consistent with the FY2017 deadlines; there is no significant change to the timeframes from last fiscal year end.   

 

Schools and departments may wish to set earlier internal deadlines for fiscal year-end close activities to enable them to meet the Finance Division deadlines.

 

CUMC departments should also refer to the annual closing calendar and closing guidance sent by Ting Shi via email on April 18, 2018. Unless otherwise noted below, CUMC departments should contact Ting Shi (ts2486@cumc.columbia.edu) regarding questions related to the CUMC closing process.

 

Overview of the Closing Process

 
During July 2018, ARC will be available for both FY18 (old fiscal year) transactions (June 30, 2018 and prior) and FY19 (new fiscal year) transactions (July 1, 2018 and after). FY19 will be available beginning Tuesday, July 3, 2018. Please note that FY19 opening fund balances will be updated nightly for FY18 activity during the closing period. From July 3, 2018 to July 17, 2018, users will be able to make necessary adjusting entries in FY18 to record accruals and cost transfers as well as clear fund balance overdrafts and sponsored project overruns. PAC is available for the clearing of payroll suspense until Friday, July 13, 2018.  
 
As of the close of business on Tuesday, July 17, 2018, all direct revenue and expense entries, accruals, cost transfers, and transfers between departments must be complete. Between Wednesday, July 18, 2018 and 6:00 p.m. on Friday, July 20, 2018, ARC will remain open for the purpose of transferring fund balances and clearing overdrafts.  
 
Schools and departments may set earlier dates for completion of these processes – please check with your school/department senior business officer.  At 6:00 p.m. on Friday, July 20, 2018, schools and departments will no longer have access to the journal entry modules in ARC. On Monday, July 23, and Tuesday, July 24, 2018, the Office of Management and Budget will be reviewing overdrafts and working with the departments to clear any remaining overdrafts. On Tuesday, July 24, 2018, the Controller’s Office will process the standard allocations for the fiscal month of June. Final COBs for June 30, 2018 will be available on Wednesday, July 25, 2018.
 
Senior management will conduct its review of payroll suspense and grant overruns based on the activity recorded as of July 13, 2018. To the extent possible, all journal entries, internal transfers, payroll suspense and grant overruns should be completed and posted by that date. Schools and departments must clear all overdrafts no later than Friday, July 20, 2018. Senior management will conduct its final review of overdrafts based on the activity recorded as of July 20, 2018.

 


 

Contact Us

 
For questions regarding Accounts Payable and P-card, contact Rich Mead (212-851-9701, rm2161); Purchasing, contact Hugh Horowitz (212-854-4111, hh2143); Payroll, contact Frank Iovino (212-851-2820, fi2114); Development, contact Larese Miller (212-851-7995, lm2137); and General Ledger, contact Jon Heleno (212-854-2268, jh3963).  
 
For other questions regarding year-end closing, please contact the Finance Service Center.  An incident or service request can be logged by using the self-service web form or by phone: 212-854-2122 during the following hours: Monday, Tuesday, and Thursday, 9:00 am – 5:00 pm; Wednesday 9:30 am – 5:00 pm; Friday 9:00 am – 4:00 pm.