Fiscal Year 2019 Year-End Closing Guidance

The following information outlines the procedures, guidance and deadlines relating to the FY2019 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. FY2019 deadlines are consistent with the FY2018 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 May 9, 2019. 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: July 2019 Timeline

  • During July 2019, ARC will be available for both FY19 (old fiscal year) transactions (June 30, 2019 and prior) and FY20 (new fiscal year) transactions (July 1, 2019 and after).
  • FY20 will be available beginning Tuesday, July 2, 2019. Please note opening fund balances will be updated nightly for FY19 activity during the closing period.
  • From July 2, 2019 to July 17, 2019, users will be able to make necessary adjusting entries in FY19 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 12, 2019.
  • As of the close of business on Wednesday, July 17, 2019, all direct revenue and expense entries, accruals, cost transfers, and transfers between departments must be complete.
  • Between Wednesday, July 17, 2019 and 6:00 p.m. on Friday, July 19, 2019, 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 19, 2019, schools and departments will no longer have access to the journal entry modules in ARC.
  • On Monday, July 22, and through noon on Wednesday, July 24, 2019, the Office of Management and Budget will be reviewing overdrafts and working with the departments to clear any remaining overdrafts.
  • Beginning at noon on Wednesday, July 24, 2019, the Controller’s Office will process the standard allocations for the fiscal month of June.
  • Final COBs for June 30, 2019 will be available on Thursday, July 25, 2019.
Senior management will conduct its review of payroll suspense and grant overruns based on the activity recorded as of July 12, 2019. 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 19, 2019. Senior management will conduct its final review of overdrafts based on the activity recorded as of July 19, 2019.

 


 

Contact Us

 

TopicContact

Accounts Payable and P-card

Rich Mead - 212-851-9701, rm2161

Purchasing

Hugh Horowitz - 212-854-4111, hh2143

Payroll

Donna Ulijn - 212-851-7271, du2149

Development

Larese Miller - 212-851-7995, lm2137

General Ledger

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.