You asked: What should be my focus when starting a new fiscal year?
The initial focus of the new fiscal year is closing out the previous one. However, it can be hard to look back, when your focus pulls you forward. One tip is to strive for balance. For every activity taken toward the new year, also take an action to close the previous fiscal year. For example, while setting up your school’s 2015-16 binder system, make sure to keep the previous year’s binders up-to-date and accessible for audit.
When closing out the year, schools often struggle with finding all vendor and purchase related documents. Purchases and services received at the end of June often go missing, so prioritize this at the start of July to avoid delaying the audit. In addition, schools offering bonuses or a 401k/403b match should calculate payouts for this early in the new fiscal year. CSBM also recommends using the summer months to conduct bids for new or large purchases as well as purchasing most, if not all, supplies needed for the first half of the academic year.
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