Closing the Fiscal Year

To promote a smooth year-end close process and ensure the University will be able to issue its year-end financial statements within the mandated timeframe, this document outlines transaction processing procedures and deadlines as related to key areas critical to the FY26 fiscal year close. Please note that 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. Also available on the Finance Division’s website is a calendar including all deadlines referenced in this memo, as well as additional information regarding job aids, reports and queries to assist with year-end transactions.

CUIMC departments should also refer to the annual closing calendar which was sent by Jane Tian via email on May 5, 2026. Unless otherwise noted below, CUIMC departments should contact Jane Tian ([email protected]) regarding questions related to the CUIMC closing process

During July 2026, ARC will be available for both FY26 (old fiscal year) transactions dated June 30, 2026 and prior, and FY27 (new fiscal year) transactions dated July 1, 2026 and after. FY27 will be available beginning Wednesday, July 1, 2026. Please note that FY27 opening fund balances will be updated nightly for FY26 activity during the closing period. While FY26 remains open, users will be able to make necessary adjusting entries in FY26 to record accruals and cost transfers as well as clear fund balance overdrafts and sponsored project overruns, subject to the deadlines set forth herein.

Schools and departments must clear all overdrafts no later than July 17. Senior management will conduct its final review of overdrafts based on the activity recorded as of this date.