Closing the Fiscal Year

Learn about procedures and deadlines related to closing the fiscal year at Columbia University. 

Fiscal Year 2022 Year-End Closing Guidance

General Guidance

For guidance on closing procedures, please refer to:

Closing Calendar

For key dates related to fiscal year close, please refer to the Year-End Closing Calendar.

The published fiscal year deadlines are essential to ensuring that the University will be able to issue its year-end financial statements within the mandated time frame. FY22 deadlines are consistent with the FY21 deadlines; there is no significant change to the timeframes from last fiscal year-end.   

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.

Columbia University Irving Medical Center (CUIMC) departments should also refer to the annual closing calendar which was sent by Ting Shi via email on May 12, 2022. Unless otherwise noted below, CUIMC departments should contact Ting Shi ([email protected]) regarding questions related to the CUIMC closing process.

During July 2022, ARC will be available for both FY22 (old fiscal year) transactions dated June 30, 2022, and prior, and FY23 (new fiscal year) transactions dated July 1, 2022, and after.  FY23 will be available beginning Friday, July 1, 2022. Please note that opening fund balances will be updated nightly for FY22 activity during the closing period.  While FY22 remains open, users will be able to make necessary adjusting entries in FY22 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 Monday, July 18, 2022. Senior management will conduct its final review of overdrafts based on the activity recorded as of July 18, 2022.

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