Close Out a Fiscal Year

Member Agencies that wish to close a Fiscal Year shall follow the below steps:

Member agency sends an email to support@fallingcolors.com requesting the close out. The email should state the last day vendors are allowed to bill for the Fiscal Year, the last day for vendor recoupments for the Fiscal Year, the anticipated close date, and include an approved Provider Alert so vendors can be notified.

Before a Fiscal Year can be closed:

All Fiscal Year ASO Invoices must be paid to Falling Colors.
All Providers must have been paid out for the Fiscal Year.
Member Agency must have completed all fund swaps on paid invoices (if appropriate), or CRFs as needed.

Falling Colors will send the Provider Alert notifying vendors of the last day to bill deadline.

Falling Colors will close all billing windows effective that date.

Falling Colors will issue last vendor payments.

Falling Colors will complete all final vendor recoupments.

Falling Colors will bill the agency for any outstanding funds needing payment.

Falling Colors will prepare ASO Closing documents and reconcile with NMSTAR detailing what the Member Agency has paid Falling Colors and what Falling Colors has paid to NMSTAR Providers.

Falling Colors Director of Finance reviews and submits to Falling Colors Accounting Agency.

The Accounting Agency does a full Fiscal Year reconciliation and sends an email to close the Fiscal Year including verification of amounts and any reversion amount.

Falling Colors prepares a Closeout memo, reviews it internally, and then sends it to the Collaborative CEO signature/execution.

After the CEO of the Collaborative signs the memo, a check is prepared for the agency and both are provided to the Member Agency.