Fiscal Year-End Closing

All financial and accounting transactions must be recorded in the fiscal year in which they are made to properly report the College’s financial position as of June 30.

Closing Dates and Procedures:

Closing dates and procedures indicated below should be carefully observed at fiscal year-end to insure proper handling and recording of transaction documents. A detailed list of specific year-end cut-off dates is distributed by the Business Office in June.

  1. Expenditures:  If services are performed or an item is received by June 30, then the invoice will be charged to the fiscal year ended June 30 regardless of the invoice date or when the invoice is actually paid.
    • Purchase Orders: Any purchase orders currently encumbered but not received by June 30 will be reencumbered in the new fiscal year. If items for the next fiscal year need to be ordered prior to July 1, the purchase order requisition form must be clearly labeled “for delivery and billing after July 1”. 
  2. Travel/Athletic Advances:  All deposits and receipts pertaining to advances issued during the fiscal year must be delivered to the Business Office by June 30. 
  3. Cash Deposits: Checks and cash on hand (excluding petty cash) must be delivered to the Business Office by June 30. If cash receipts are for services to be provided in the next fiscal year, they will be credited to a deferred revenue account and recognized as income in the year in which they are earned.
  4. Departmental Operating Budgets: The College does not accrue departmental operating budgets for items that were ordered or services that were never performed simply because they were budgeted for in a certain fiscal year. Unspent operating departmental funds (accounts beginning with 10) are not carried forward to the new fiscal year. Unspent restricted funds (accounts beginning with 11) are carried forward to the new fiscal year. 


Contact Name

Business Office

Office Location
Philip Spencer House
8:30 a.m. - 4:30 p.m.
8:30 a.m. - 4:30 p.m.
8:30 a.m. - 4:30 p.m.
8:30 a.m. - 4:30 p.m..
8:30 a.m. - 4:30 p.m.

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