Year-End Close

This page contains various information and deadlines relating to the fiscal year-end close. The Office of Fiscal Services is responsible for coordinating this event in preparation for the College's year-end financial audit which is conducted by Hood and Strong, LLP.

The following documents contain important information related to the current fiscal year-end close:

• Year-End Closing Guidelines
• Year-End Closing Calendar
• Year-End Closing Supplement
• Year-End Closing Process Flowchart
• Year-End Close Workshop [Note: this is a Powerpoint PPT file]
• Year-End Audit Schedule and Audit Staff
• Statement of Auditing Standards (SAS 104-111)
• Understanding Internal Controls

YEAR END CLOSE OBJECTIVES

In preparing to close the fiscal year, Fiscal Services will achieve 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 transactions in accordance with Generally Accepted Accounting Principles (GAAP)

To meet these objectives, the Fiscal department needs the cooperation of all College employees and in particular Departments Heads and Budget Managers. It is important that all of the closing year's financial transactions are processed in accordance with the guidelines and calendar noted above so that the audit can be completed timely and presented to the Board of Directors at their December meeting.