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 key cutoffs and deadlines. FY25 deadlines are generally consistent with the FY24 deadlines with the exception of some earlier Procurement dates. For this year end, these dates are especially critical due to the schedule of Trustees meetings. 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 separate memo, “Fiscal Year 2025 Transaction Processing Guidance,” which contains information on the guidance and procedures for the close, as well as additional information regarding job aids, reports, and queries to assist with year-end transactions, and a calendar including all deadlines referenced in this memo.

CUIMC departments should also refer to the annual closing calendar which was sent by Ting Shi via email on April 28, 2025. Unless otherwise noted below, CUIMC departments should contact Ting Shi ([email protected]) regarding questions related to the CUIMC closing process.

During July 2025, ARC will be available for both FY25 (old fiscal year) transactions dated June 30, 2025 and prior, and FY26 (new fiscal year) transactions dated July 1, 2025 and after. FY26 will be available beginning Tuesday, July 1, 2025. Please note that opening fund balances will be updated nightly for FY25 activity during the closing period. While FY25 remains open, users will be able to make necessary adjusting entries in FY25 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 Thursday, July 17, 2025. Senior management will conduct its final review of overdrafts based on the activity recorded as of Thursday, July 17, 2025.