Which activity is part of fiscal closeout?

• A. Launching new procurements.
• B. Expanding program scope.
• C. Shifting funds across accounts without documentation.
• D. Reconciliations of funds and obligations, final invoice processing, and contract closeout approvals.

Answer: (D)

End-of-period financial activities focus on tying up the books so the organization has an accurate, auditable view of spend and commitments. The activities that belong to fiscal closeout include reconciliations of funds and obligations, final invoice processing, and contract closeout approvals. Reconciliations ensure what was obligated and spent lines up with the actual funds available, catching any mismatches before reporting. Final invoice processing closes out open payables, making sure expenses are recorded in the correct period and that no invoices remain outstanding after closeout. Contract closeout approvals formally finish the contract, release any remaining encumbrances, and confirm all contractual obligations are satisfied or properly resolved. Together, these steps produce a clean, auditable financial picture for the period.

Launching new procurements and expanding program scope are activities that occur during execution, not closeout, as they create new obligations and extend or change program work. Shifting funds across accounts without proper documentation violates controls and would not be part of a proper closeout.