Fiscal Year Close Group (FYCL)

The Fiscal Year Close Group is responsible for closing out the current fiscal year and opening up the subsequent fiscal year. This essential process ensures the accuracy and transparency of the Libraries' financial records, providing a comprehensive overview of its budgetary performance and expenditures.

Comprising staff from all campuses, the group represents acquisitions, business office, and liaison functions within the Libraries. Most of the work of the Fiscal Year Close Group occurs from February through July but tasks may be handled throughout the year. Meetings are scheduled three times during the Spring semester: March, April, and June. Throughout the Libraries' fiscal year close process, meticulous attention is dedicated to various tasks, including spending down allocated budgets, processing invoices, reconciling EFS financial accounts with Alma, addressing identified issues, rolling over the ledgers and PO Lines, and closing out the current and opening the subsequent fiscal years in Alma.

Group members

Julie Rashid and John Halvorson (Co-Chairs)
Sunshine Carter
Laura Dale
Kristen Mastel (Liaison rep)
Jana Patka (LAW)
Cassandra Prange (UMD)
Lichun Shen
Yumiko Toyota-Kindler
Kim Tran
Michael Twu (LAW)
Angela Vetsch (UMM)
Shelley Wersal (LBO)
Keri Youngstrand (UMC)

Documents

All documentation for Fiscal Year Close (FYCL) this year is housed in the FYCL 2024 folder of Google Drive and shared with all campuses.

Schedules and procedures

FYCL Checklist 2024
Purchasing card procedure for FYCL, May 16-June 30, 2024 (TC only)
FYCL Business Office procedures for funds (transferring, allocating, deactivating funds, deleting funds)
- New ledger/fund request
To add the FYCL calendar to your Google calendar, in the Meet with...box, search for FYCL Calendar and check the box. You can also add the calendar by clicking on this link.