Member Agencies that wish to close a Fiscal Year shall follow the below steps:
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.
Member agency sends an email to support@fallingcolors.com requesting the close out.
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 providers.
Falling Colors Director of Finance reviews and submits to Falling Colors Accounting Agency.
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 Closeout memo and reviews internally and then sends to the Collaborative CEO for agreement.
After CEO signs the memo a check is prepared for the agency and both are provided to the Member Agency.
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