Fiscal Year-End is Behind You — Now What? A Post-Year-End Checklist for Nonprofits

If your nonprofit’s fiscal year ended on June 30, congratulations!  You’ve wrapped up 12 months of mission-focused work, financial stewardship, and community impact.  It’s a big deal, and it’s worth taking a moment to celebrate.  But once you’ve taken that breath, it’s time to shift gears and start strong in the new fiscal year.

Here’s your roadmap to make the most of the first few weeks post-year-end:

Close the Books (Accurately and Promptly)

Closing your books properly is essential for accurate reporting and audit readiness.  This isn’t just a finance team task, it supports your organization’s accountability, transparency, and strategic decision-making.

Make sure to:

• Record all income and expenses for the prior fiscal year, even if the cash hasn’t moved yet (pledges, grants, and unpaid invoices).
• Accrue outstanding payables and receivables to present a true financial picture.
• Reconcile all bank, credit card, and investment accounts as of June 30.
• Review restricted funds and net asset classifications to make sure you are tracking donor intent accurately.

Get Audit-Ready

If your nonprofit undergoes an audit or financial review, now’s the time to get prepared, not the week before your auditor arrives.

Start gathering:

• Grant agreements (especially if you received government or restricted funding)
• Leases, contracts, and loan documents
• Board meeting minutes (especially those approving budgets or significant transactions)
• Documentation for any large or unusual transactions
• Support for any new policies or procedures adopted during the year

Schedule a planning meeting with your auditor or accountant to clarify timelines and expectations.

Implement Budget Monitoring Early

The new budget is in place, now is the time to use it as a living tool, not a forgotten spreadsheet.

Set up monthly internal reports that include:

• Budget vs. actual comparisons
• Year-over-year trends
• Variance explanations
• Forecasts for year-end

Engage program managers and department heads early so they understand their budgets and can monitor their spending in real-time.

Communicate Year-End Results

Stakeholders (donors, funders, volunteers, and your board) want to hear how the organization closed out the year. Even if your financials aren’t final yet, you can share:

• A quick summary of major accomplishments
• Preliminary fundraising results
• A thank-you to your supporters and staff

Reflect, Learn, and Improve

A year-end is a natural time to pause and reflect. Bring your leadership team together to ask:

• What financial or operational challenges did we face?
• Did we meet our programmatic and strategic goals?
• Were our internal controls and financial systems effective?
• Where did we struggle and what can we change?

This is a great time to update or create:

• A formal calendar of recurring deadlines (audits, grant reports, payroll filings, etc.)
• New policies around spending, time tracking, gift acceptance, etc.
• Training for staff or board members who are new to their roles

Re-Engage Your Board and Leadership

Kick off the new year with clear roles, expectations, and shared vision:

• Schedule a board orientation or refresher
• Update board and committee rosters
• Review strategic plan goals and financial projections

Your board plays a critical role in oversight and fundraising—help them start the year engaged and informed.

You’ve wrapped up a year of doing good.  Take a moment to acknowledge your staff, volunteers, and board. Then step confidently into the new fiscal year with a clear focus, solid financials, and renewed energy.