Fiscal Year-End Closing at the University of Maryland
Fiscal year-end closing is a critical process that ensures the University produces accurate, auditable financial statements for stakeholders such as leadership, boards, and government agencies. At the University of Maryland, College Park, the fiscal year runs from July 1 through June 30. During this time, the Financial Year-End Closing process includes extensive accounting activities such as adjusting entries, accruals, and validation of all assets and liabilities. This work ensures that income and expenses are recorded accurately within the correct fiscal period.
Responsible for the accounting operations of the university including the production of periodic internal and external financial reports, maintenance of the accounting records and systems, internal controls over financial reporting, and so forth.
Management Advisory Services (MAS) supports UMD by assessing and managing risks, promoting compliance and best practices, managing Internal Audits, and administering a 24/7 confidential and anonymous UMD Compliance Reporting system.
The budget office coordinates the administration of the university’s budget for all departments with the primary mission of providing financial stability, availability of required services, and a proper balance between quality and cost of services.
Responsible for the accounting of over $2B capital assets including equipment as well as facilities, and their related financing activities.
Find information on financial services including billing and collection, disbursements, cashiering, and cash management.
Payroll Services processes over 500,000 payments annually to approximately 20,000 full time, part-time, seasonal, and student employees. Find information on payroll processing, tax, nonresident aliens, and other information.