As we approach the end of FY 2024, it’s crucial to adhere to the year-end deadlines located here for a successful and timely closeout. All Georgia Tech units must comply to ensure an orderly closeout of financial records and the timely submission of the Annual Financial Report (AFR) to the University System of Georgia (USG) Board of Regents and the Georgia Department of Audits and Accounts (DOAA). 

Institute Controller Amy Herron emphasizes the importance of these deadlines, stating, 
“Meeting deadlines is not just a requirement, it’s a commitment we make to maintain the integrity of our financial system. It ensures accuracy, promotes efficiency, and upholds our reputation. Every transaction that is recorded correctly and on time contributes to the overall success of Georgia Tech.”

Missing deadlines can have several consequences: 

1. Delayed Financial Reporting: The AFR may not be submitted on time to the USG Board of Regents and the Georgia DOAA. This could lead to compliance issues. 

2. Inaccurate Financial Records: If transactions are not recorded in the correct fiscal year, it can result in inaccurate financial records. This can affect budgeting, planning, and decision-making processes. 

3. Operational Disruptions: Delays in the closing of the fiscal year can disrupt regular operations, as resources may need to be redirected to address the issues caused by the delay. 

4. Reputation Risk: Consistent failure to meet these deadlines could harm Georgia Tech’s reputation for financial responsibility and management.

These deadlines apply to all funding sources within Georgia Tech. Please ensure a designated person in each unit is available during the closeout period to address any issues. 

For additional information, please reach out to the respective business office department indicated in the memorandum.