Fiscal Year Closeouts

The fiscal year runs from July 1 through June 30. For student organizations, a fiscal year would start with summer term and run through spring term.

Zeroing Out Accounts

At the end of the fiscal year, all student organization accounts must be closed out and brought to "zero." Generally, organizations start the new fiscal year (summer term) with a zero balance in their account. All pending payments for the current fiscal year must be processed before the end of spring term.

Carrying Funds Forward

Sometimes, under special circumstances, funds from the old fiscal year can be carried forward to the new year. Class Councils and self-supporting organizations automatically have funds carry forward to the new year. Funds for other organizations will not be carried forward unless a special exception is requested before the end of spring term. A special exception can be approved if your organization has earned money through fundraisers that you would like to apply to events in the next fiscal year, or if there is a pending invoice payment that has not yet been completed.