Northern Illinois University
Controller's Office
Division of Administration and Finance

Fiscal Year 2025 Due Dates for Accounting Transactions

The following deadlines have been established to allow adequate processing time to successfully close FY25 and prepare financial statements to meet the University's reporting deadline with the State of Illinois Comptroller's Office. By not doing so, exposes the University to audit findings related to improper year-end cutoff. The cooperation of all departments is needed to keep to this schedule to ensure a successful close process. Please ensure that all FY25 transactions for your department are properly classified and submitted to the Controller's Office by the deadlines listed below:

Please review all transactions and balances in applicable cost centers, paying particular attention to appropriate cut-off for transactions occurring during the months of June and July. Note that all goods and services received on or prior to June 30, 2025, must be recorded as current year (FY25) fiscal expenditures or accrued as liabilities. Goods and services received after June 30, 2025 must be recorded as an expenditure in the ensuing fiscal year (FY26) in accordance with GAAP.

University sales and services performed on or prior to June 30, 2025, must be recorded as revenue in the current fiscal year (FY25); revenues for sales or services to be performed after June 30, 2025 must be deferred to the next fiscal year (FY26) in accordance with GAAP.

This is also a good time to review any accruals in your cost centers to ensure they are up to date. All accrued balances should have support justifying why the amounts are accrued (receivable, payable, deferred, etc.) as of June 30, 2025. The Controller’s Office is responsible for all tuition accruals and no adjustments should be made to tuition accounts. Please reach out if you have any questions.

We appreciate your full cooperation as we work to ensure a successful close-out of FY25. Should you have any questions about the year-end process, please email the Controller’s Office at controlleroffice@niu.edu for assistance.