Year-End Close

The fiscal year-end for Stanford is August 31st. There are transaction processing deadlines in August and fiscal year-end activities that extend into mid-September. The fiscal year-end close activities include expenditure transactions and fund transfers associated with outstanding commitments, sponsored project cost sharing, the resolution of account deficits, the close-out of H&S operating budgets, and appropriate fund management best practices.

Attend H&S year-end close orientation.
Complete all AP, Expense Request, T-Card & P-Card transactions.
Perform final reconciliation of expenditures.

Ensure all payments associated with contractual obligations are complete

Ensure restricted funds are spent according to their fund authorization

Clear all Org suspense accounts and make necessary labor distribution adjustments.
Confirm all remaining HandSOn commitment transfers.
Validate faculty salary savings.
Validate faculty salary cost share charges.
Review and submit endowment reinvestment.
Ensure Awards do not end the year in deficit.

Related Resources

Instructions and links to running reports following fiscal year-end close and at the start of the new fiscal year.
To help you find reports in Oracle Business Intelligence (OBI) that provide you with the final fiscal year end balances in your awards. Faculty salary reports are also available and allow you to ensure that cost-sharing obligations were met, sabbatical charges were directed to the correct PTA and any supplemental salary payments to faculty in your area were received.
A suite of on-demand, customized BI reports to support annual business processes.
H&S utilizes a standard set of Operating Budget projects for managing finances at the School level and to assist department and program administrators in managing the operations of their unit.
The operating budget savings policy will be the same as it has been for the past three years. Departments and programs will be allowed to move all operating budget general fund surpluses to their Budget Savings account. The 2020/21 Budget Savings Policy & Process is applicable for FY22. This policy will be reevaluated for FY23.
Review of the annual fiscal year-end close process.