The FY 2025 year-end closing financial schedule is now available. The information in the closing schedule provides guidance and deadlines to close FY2025 (ending June 30, 2025) effectively, efficiently, and in compliance with Commonwealth requirements.
The Offices of Finance, Strategic Sourcing and Payment Solutions, and Budget and Financial Planning are responsible for coordinating and preparing for fiscal year-end. The schedule includes deadlines for purchasing activities, receipt of goods and services, processing budget adjustments, departmental deposits, payroll deadlines, and additional information related to other financial deadlines. You may find the important information attached below, by visiting the website, or in Microsoft Teams at “Financial Integrity Group (FIG)” Team Files. A summary is also provided at the end of the document as a quick-reference guide of FY 2025 important dates in date order as an added resource. Additionally, please join the FIG Fiscal Year End Session to discuss these important dates, hosted on Wednesday, February 12, 2025, at 10:00am. Webinar details may be found at the conclusion of this correspondence or by visiting the Microsoft FIG Team page.
Year-end closing requires the coordination of all purchasing activities, budget, and financial transactions. Budget Unit Directors are responsible for submitting required documents to the necessary offices by all published deadlines. Each Budget Unit Director should review the deadlines and procedures to ensure that published deadlines are met and that budgets are properly managed. Budget Unit Directors are responsible for monitoring budgets and resolving any budget deficits. Your assistance with this process is critical. Please pay special attention to the deadlines for receipt of goods and/or services to be paid from FY 2025 funds. Items not received by the applicable deadline will post to FY 2026.
BONUS! There is also an option to download these dates to your Outlook calendar – details, links, and instructions may be found on the FYE Closing Website.
WEBINAR LINK (Details may be found on the FIGS Team Chat): https://odu.zoom.us/j/95344916844
Thank you for your assistance during this process. We look forward to an excellent FY 2025 closing and continued fiscal success in FY 2026!