The Fiscal Year End Close consists of the processes and procedures that are necessary to properly reflect all business transactions and activity. This process also serves to control:
- Journal entry activity
- Posting in the correct accounting period
- Reporting of Actuals and Budgets for the quarter or fiscal year
- Managing Commitments in Adaptive Planning – End of the Fiscal Year
The overarching goal is to enable the preparation of complete, accurate, audited, financial statement reports for the university by June 30 of each fiscal year. Then this documentation is distributed to key stakeholders like Board of Trustees, Government Agencies, and Bondholders.
More information regarding Year End Close can be found on the Finance Department SharePoint site.