Dear Emerson community,
The process to close the books (financial records) for fiscal year 2026 (FY26), which ends on June 30, 2026, will begin soon. The closing represents the aggregation and culmination of all financial activity for the fiscal year, allowing the College to accurately prepare audited financial statements and to complete its reporting, budgeting, and forecasting activities.
Whether you are new to Emerson College or this is a refresher for you, the year-end closing process results in the issuance of the College’s financial statements, used for internal analysis and by external auditors, bond raters, and regulators. A successful close requires the coordinated efforts of Finance and campus departments to ensure that all financial activity is accurately recorded as of Tuesday, June 30.
As we approach year-end and continue to project full fiscal year numbers with greater precision, it's extremely important to begin now by reviewing and submitting all outstanding invoices, reimbursements, accounting adjustments, etc., that are critical to our accurate year-end financial results. As a reminder, PCard holders should submit expense reports for their transactions as soon as possible, as we enter the final quarter of the fiscal year.
We ask that you pay close attention to the information outlined below and in the attached document.
Financial Stewardship
As we approach the end of the fiscal year, we encourage all departments to practice prudent financial stewardship. While we understand the desire to use remaining budget allocations, we ask that you proceed only with essential purchases and services necessary for your operations through Tuesday, June 30. A separate email will be sent to approvers and managers focused specifically on this. Limiting non-essential spending at year-end directly supports the College’s overall financial health and allows for a more streamlined closing process.
Information Sessions
Please note that while this memo serves as the primary guidance you will receive regarding fiscal close deadlines, virtual information sessions have been scheduled on the following dates to address any questions you may have. We strongly recommend that individuals with any departmental involvement in processing financial transactions attend a session, even if you have attended in prior years. Please register for an information session.
Wednesday, April 29, at 2:00 pm EST
Thursday, May 7, 10:00 am EST
Key Dates
FY26 Requisitions: Please complete all requisitions for FY26 goods and services, including marketplace requisitions, no later than Friday, May 15. This allows for goods and services to be received and invoiced by Tuesday, June 30. Any requested exceptions should be discussed with Procurement. Procurement will contact departments to review open purchase orders and secure final invoices for the remainder of the fiscal year. As part of the closing process, all open purchase orders in Workday will be closed in June. In addition, effective immediately, any new FY26 contracts or contract renewals greater than $25,000 will require approval from the CFO in order to carefully manage end-of-year spending.
Invoices and Expense Reports through May: In order to allow for the month of June to be focused on finalizing the last month’s worth of transactions, we ask that you please submit all FY25 supplier invoice requests and expense reports (both PCard and employee reimbursements) with transactions through May no later than Friday, June 5.
FY26 Invoices: Please submit invoices related to FY26 purchase orders to Accounts Payable at accountspayable@emerson.edu by Friday, June 5. Please take care to include the purchase order number on invoices. All invoices related to FY26 activity should be submitted to Accounts Payable no later than Friday, July 10. Any FY26 invoices received after this date should be submitted to Accounts Payable as soon as possible and will be reviewed for materiality to determine accounting treatment. As a reminder, invoices are accounted for based on when the goods/services are delivered or received. Do not hold back invoices for payment until the next fiscal year if the goods/services will be received by Tuesday, June 30.
Accounting Adjustments: Please submit all FY26 accounting adjustments, including any payroll reclassifications, to accounting@emerson.edu by Monday, July 6. This date applies to all of the Emerson community, including capital projects, gifts, grants, and Office of the Arts activity. Any requests received after this date will be subject to the Controller's review for materiality. As a reminder, please review all accounts regularly throughout the year and submit any adjustments as soon as they are identified.
FY27 Requisitions: Departments may create FY27 requisitions in Workday beginning on Monday, June 15. If an FY27 Purchase Order is needed before this date, please contact Procurement at purchasing@emerson.edu. Note that FY27 requisitions need to be post-dated in Workday to Wednesday, July 1, 2026, or later.
FY27 Spend Authorizations: FY27 spend authorizations can be entered in Workday beginning on Wednesday, July 1.
See attachment below for a one-page PDF of key dates
Please Keep in Mind
Procurement, Accounts Payable, and Accounting work closely together to adhere to year-end payment requirements to ensure a timely closing and accurate financial accounting. Generally accepted accounting principles are applied to determine if recording an accrual (defined as an invoice paid in FY27 for goods/services received in FY26) or prepaid expense (defined as an invoice paid in FY26 for goods/services to be received in FY27) is necessary. Further information regarding accruals and prepaid expenses will be discussed at the information sessions referenced above.
Workday does not currently have the functionality to roll forward spend authorizations. If a current spend authorization for travel has a residual amount at the end of FY26 that will be used after July 1 (FY27), travelers or cost center approvers will need to create a new spend authorization, on or after Wednesday, July 1, for use in FY27.
Our goal is a seamless year-end process; we rely on your cooperation and adherence to the accounting deadlines specified in the attached schedule. Please note that requests received after these deadlines are subject to review and may not be processed.
Thank you in advance for your cooperation to help ensure a smooth, fast, and accurate fiscal close.
Sincerely,
Richard Madonna, Vice President and Chief Financial Officer
Kristen Margarida Coulombe, AVP Finance & Controller
Michael McGarry, Director of Procurement
April Jones, Director of Disbursements