Fiscal Year End

Contact: ECE-Finance@ncsu.edu

No doubt, fiscal year end closeout is a hectic time for business offices throughout the university. Around this time every year, business offices begin the hurried process to meet fiscal year deadlines while continuing to conduct regular business. 

What Is Year End?

Fiscal year-end refers to the completion of a one-year, or 12-month, accounting period. During year end, there are certain tasks that must be carried out to close out the previous year and prepare for the upcoming one.  NC State operates on a fiscal year calendar, which runs from July 1 to June 30.

Why Is Year End Important?

The purpose of closing a fiscal year is to make sure that all the financial information about university business is accurate and that it has been entered properly.  Year end is important because it validates current year expenditures and allows for accurate budget planning for next fiscal year’s expenditures. 

The following displays the year end deadlines for fiscal year 2022:

Spending Deadlines:  These dates are the last day new orders/expenses/journals should be submitted or incurred.  

• The last day to spend ETF and Enhancement Fee funds will be April 30th, 2022.  Purchases needed after April 30th should not post to the ETF or Enhancement Fee projects.  Orders placed prior to April 30th may be received in May and June, but new orders using ETF or Enhancement Fee funds should post to other funding sources after April 30th, 2022.
• The last day to spend State funds will be May 31st, 2022.  Purchases needed after May 31st should not post to the state projects.  Orders placed prior to May 31st may be received in June, but new orders using State funds should post to other funding sources after May 31st, 2022.  
• MAY P-CARD STATEMENT APPROVAL DEADLINE: The due date by which all COE P-card statements for May 2022 should be fully approved is June 13th.

Please contact ECE Finance if there are any questions or concerns.