Closing the Fiscal Year
Learn about procedures and deadlines related to closing the fiscal year at Columbia University.
Year-End Closing Guidance for Fiscal Year 2025
General Guidance
For guidance on closing procedures, please refer to:
- Detailed Deadline Guidance (pdf)
- Transaction Processing Guidance (pdf)
- Accrual Basics and Guidance (pdf)
- Accrual Request Form (xls – for departmental use when submitting to Controller’s Office)
Closing Calendar
For key dates related to fiscal year close, please refer to the Year-End Closing Calendar.
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.
July 2025 Timeline
- Date
- Thursday, July 10, 2025
- July Guideline
- PAC is available until 5 pm for the clearing of payroll suspense.
- Date
- Monday, July 14, 2025
- July Guideline
- All direct revenue and expense entries, accruals, cost transfers, and transfers between departments must be complete.
- Date
- Tuesday, July 15, 2025 to Thursday, July 17, 2025
- July Guideline
- 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.
- Date
- Thursday, July 17, 2025
- July Guideline
- Schools and departments will no longer have access to the journal entry modules in ARC at 6 pm.
- Date
- Friday, July 18, 2025 through Tuesday, July 22, 2025 (12:00 Noon)
- July Guideline
- Office of Management and Budget will be reviewing overdrafts and working with departments to appropriately clear any remaining overdrafts.
- Date
- Tuesday, July 22, 2025
- July Guideline
- Controller’s Office will process the standard allocations for the month of June.
- Date
- Wednesday, July 23, 2025
- July Guideline
- Final COBs for June 30, 2025 are available in FDS.
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.
Topic
- Accounts Payable and P-Card
Contact
- Sal Alioto—212-853-4608—sa4291
Topic
- General Ledger
Contact
- Jennifer Korinek—212-854-3517—jk4223
Marcela Ruano— 212-854-1012—mr2220
Karen Chen—212-851-2757—hc3270
Topic
- Gifts (Development)
Contact
- Larese Miller—212-851-7995—lm2137
Topic
- Purchasing
Contact
- Hugh Horowitz—212-854-4111—hh2143