Here are some tasks that are likely at the top of your to-do list as you close out each school year:
Audit
- Confirm input of audit entries from the prior year.
- Complete journal entries or transfers.
- Work on compensated absences calculations.
Fixed-Asset Ledger
- Record fixed assets purchased during the fiscal year.
- Identify assets that are being removed.
- Review inventory appraisal for current values; propose a new inventory if an update is appropriate.
Budget
- Verify opening budget amounts and ensure that account lines tie to the budget submitted to the state.
Balance Sheet
- Analyze each account and verify the accuracy of the ending balance.
- Calculate estimated free and fund balances.
Receipts
- Verify that all tax levy collections have been received for the fiscal year.
Accounts Receivable
- Verify accounts receivable balances.
- Issue reminder notices to those in arrears with obligations to the district.
- Determine whether prior or current-year receivables should be adjusted or written off.
Expenditures
- Review accounts payable aging register.
- Close out open purchase orders from the prior year.
- Close out open purchase orders from the current year.
- Inventory open items and items to be closed out or rolled over on final bills.
Grants
- Apply for upcoming year grants.
- Confirm remaining balances and amounts to spend. Determine whether grant amendments must be submitted to use unspent grant monies.
- Drawdown monies to maintain cash flow if grant funds have been expended.
Facilities Projects
- Initiate construction planning with the architect to arrange for areas of the building to be off-limits or for the relocation of offices and classes during construction.
- When the project is completed, determine whether unexpended funds will be returned to capital or other reserves.
- If the project is funded by a grant, confirm that all drawdowns are up-to-date; identify and resolve disposition of open items.
- Confirm dates, times, and locations for summer school and extended school year.
Transportation
- Begin planning bus routes for upcoming school sessions.
Personnel, Payroll, and Health Benefits
- Communicate with all staff members about (1) end-of-year payrolls, (2) sweep payroll account, (3) manual checks for the last payroll of the year (check out purposes), (4) payroll withholding changes, (5) notification to human resources department to life changes, (6) health benefits changes, and (7) awareness of time-off balances.
- Prepare the board agenda (resolution) for the staff’s approval; confirm the correct steps, salary guide, salary amount, and tenure status.
- Calculate contractual payments owed to retirees. Create a checklist for retirees and employeesleaving the district (manual check—keys, technology, badge, closed email account).
- Prepare a scattergram and contract analysis for negotiations.
Termination of Professional Contracts
Using a food service management company (FSMC) as an example,
- Meet with new and current FSMC to set a date for (1) double-checking final inventory; (2) returningkeys, badges, and technology; and (3) obtaining contact information.
- Confirm dates with new FSMC for opening of school, new employee orientation, and new student orientation.
The following are areas to consider when opening the new year:
Audit
- Schedule auditors for pre-audit planning and audit week.
- Review audit guidelines for any changes.
Fixed-Asset Ledger
- Finalize the asset ledger for the audit.
Budget
- Confirm numbers and tie them to the budget submitted to the state.
- After the budget is approved, begin compiling orders to be completed.
Balance Sheet
- Enter or roll over opening balances in all balance sheet accounts.
Receipts
- Regarding a tax levy, confirm the payment schedule to the school district for cash flow.
Accounts Receivable
- Book opening accounts receivable.
Accounts Payable
- Roll over open purchase orders from prior year.
- Begin placing orders or preparing bid documents.
Grants
- Spend grant monies for grants that end in August and September.
- Submit grants for the upcoming year.
- Compile grant documents for auditors.
Facilities Projects
- If under construction, attend construction meetings to ensure that buildings will be completed ontime.
- Perform walk-throughs at least once a month.
Transportation
- Confirm that routes are ready for the opening of school.
Personnel, Payroll, and Health Benefits
- Have payroll documents ready for auditors. Double-check the first payroll in July and September to confirm that employees are paid correctly.
- If a contract and salary guide have been negotiated, begin data entry for upcoming payrolls.
I hope you can use this checklist as a guide to ensure no areas are overlooked as you work through this school year and plan for a smooth closeout next spring.