Fiscal Year 2020 Year-End Closing Guidance

The following information outlines the procedures, guidance and deadlines relating to the FY2020 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. FY2020 deadlines are consistent with the FY2019 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.

Columbia University Irving Medical Center (CUIMC) departments should also refer to the annual closing calendar which was sent by Ting Shi via email on May 19, 2020. Unless otherwise noted below, CUIMC departments should contact Ting Shi (ts2486@cumc.columbia.edu) regarding questions related to the CUIMC closing process.

 

Overview of the Closing Process: July 2020 Timeline

  • During July 2020, ARC will be available for both FY20 (old fiscal year) transactions (dated June 30, 2020 and prior) and FY21 (new fiscal year) transactions (dated July 1, 2020 and after).
  • FY21 will be available beginning Wednesday, July 1, 2020. Please note that opening fund balances will be updated nightly for FY20 activity during the closing period.
  • While FY20 remains open, users will be able to make necessary adjusting entries in FY20 to record accruals and cost transfers as well as clear fund balance overdrafts and sponsored project overruns, subject to the deadlines set forth herein.
  • PAC is available for the clearing of payroll suspense until Friday, July 10, 2020.
  • As of the close of business on Thursday, July 16, 2020, all direct revenue and expense entries, accruals, cost transfers, and transfers between departments must be complete.
  • Between Friday, July 17, 2020, and 6 pm Monday, July 20, 2020, 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 pm on Monday, July 20, 2020, schools and departments will no longer have access to the journal entry modules in ARC.
  • From Tuesday, July 21, 2020 through noon on Thursday, July 23, 2020, the Office of Management and Budget will be reviewing overdrafts and working with departments to appropriately clear any remaining overdrafts.
  • Beginning at noon on Thursday, July 23, 2020, the Controller’s Office will process the standard allocations for the fiscal month of June.
  • Final COBs for June 30, 2020 will be available on Friday, July 24, 2020.
Senior management will conduct its review of payroll suspense and grant overruns based on the activity recorded as of July 10, 2020. 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 Monday, July 20, 2020. Senior management will conduct its final review of overdrafts based on the activity recorded as of July 20, 2020. 

 


 

Contact Us

 

TopicContact

Purchasing

Hugh Horowitz - 212-854-4111, hh2143
Accounts Payable and P-cardDonna Ulijn - 212-851-7271, du2149

Payroll

Julia Shanahan - 212-851-7348, js4717

Gifts (Development)

Larese Miller - 212-851-7995, lm2137

General Ledger

Jon Heleno - 212-854-2268, jh3963

 

For other questions regarding the 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.