At the end of the fiscal year, all student organization accounts must be closed out and brought to "zero." All pending payments for the current fiscal year must be processed before the end of Spring term. Generally, organizations start the new fiscal year (Summer term) with a zero balance in their account.
Carrying Funds Forward
Sometimes, under special circumstances, funds from the old fiscal year can be carried forward to the new fiscal year. Class Councils and self-supporting organizations automatically have funds carried 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.