Fiscal Year-End Procedures

Each year as the college’s fiscal year end approaches, there are a number of financial procedures that department heads and budget managers should be aware of in order to meet the year-end closing, auditing, and financial reporting schedules.

To achieve proper valuation of the college’s assets at fiscal year-end, invoices must be charged in the fiscal year in which the goods are received, services are performed or when the travel takes place. Included in this deadline are all reimbursements to faculty, staff and students, both paper requests or out-of-pocket expenses processed via JP Morgan SmartData. Invoices for goods not delivered to you, services not performed, and travel that will not take place until after June 30 will be charged to next year’s budget.

The fiscal year 2019 (FY19) started July 1, 2018 and ends June 30, 2019.

FY19 Deadlines

FY 19 Annual Closing Calendar and Deadline (Excel)

FY 19 Annual Closing Calendar and Deadline (Excel)

Cash & Checks Received After June 30

Cash and checks received after June 30, should reference the appropriate fiscal year on the deposit support. 

Federal & Private Grants & Contracts

At the end of each fiscal year, all active external grants and contracts are reviewed for invoicing and financial reporting purposes, including closed if applicable. If you are responsible for the financial administration of an external grant or contract, it is recommended that you review all expenses that have been processed against your grant this fiscal year. Grants administration provides a summary of personnel expenses for all external grants, to the principal investigator prior to June 30.