2012-2013 Year-End Close

The Controller and the Office of Fiscal SErvices is responsible for coordinating year-end close in preparation for the College's year-end financial and A-133 audits which are performed by independent, certified public accountants. The College has engaged Hood and Strong, LLP to conduct this year's audit. 

The following documents contain important information related to the current fiscal year-end close. Please read them carefully. It is important that Department Heads and Budget Managers understand the due dates and deadlines as non-compliance may adversely impact next year's budget allocation. 

• Year-End Closing Guidelines
• Year-End Closing Calendar
• Year-End Closing Supplement
• Year-End Closing Process Flowchart
• Understanding Internal Controls

Please contact Deborah Tran if you have any questions. 

Year-End Close Objectives

In preparing to close the fiscal year, Fiscal Services has two primary objectives in order to receive an unqualified opinion from the independent auditors on the fair representation of the College's audited financial statements: 

1. Properly classify the College's revenue and expenditures in accordance with the State's requirements so that appropriated funds are expended as authorized. 
2. Properly record and classify the College's revenue expenditures and related financial transaction in accordance with Generally Accepted Accounting Principles (GAAP)

To meet these objectives, the Fiscal department needs the cooperation of all Departments Heads and Budget Managers. It is important that all of the closing year's financial transaction are processed in accordance with the guidelines and calendar so that the audit can be completed timely and fairly and reasonably represent the College's financial standing to employees, donors, the Board of Directors and other College stakeholders.