Closing the Booster Club Fiscal Year: Year-End Checklist

Year-End Timeline

The table uses a June 30 fiscal year end. Shift the dates for another year end.

Step-by-Step Close

1. Set and announce a cutoff. Tell every officer and chair the last date to incur expenses and to submit reimbursement requests, so the year’s costs land in the year’s books.
2. Deposit everything. Collect all cash, checks, and outstanding event proceeds. Transfer all payment app and processor balances to the bank.
3. Settle advances. Every advance gets receipts and returned change, or the board decides how to resolve it.
4. Pay or record outstanding bills. Pay approved invoices or list them as unpaid at year end.
5. Reconcile the final statements for every account. The non-signer reviews and signs them as in any other month.
6. Clear stale checks. Contact payees on checks outstanding more than 30 to 45 days. A check still outstanding after 90 days may need a stop payment, with the amount reversed in the books or a new check issued.
7. Confirm restricted fund balances. List each restricted fund with its beginning balance, additions, spending, and ending balance.
8. Prepare the final budget-to-actual report for the full year.
9. Prepare the annual financial report (template below).
10. Calculate the carryover and compare it with the reserve target. See Booster Club Reserves and Carryover.
11. Deliver the records to the review committee. See Booster Club Audit and Annual Financial Review.
12. Update signers and logins for the new officers. See Booster Club Banking.
13. Archive the year’s records in the club’s shared storage. See Booster Club Financial Records and Retention.

Annual Financial Report Template

Total receipts here are gross. The Internal Revenue Service (IRS) defines gross receipts for its filing thresholds as the total amounts received from all sources during the year, without subtracting any costs or expenses, so the report should show fundraiser income and fundraiser costs separately.

Federal Filings After the Close

The annual return

A booster club files Form 990-N, 990-EZ, or 990 depending on its size. Form 990-NForm 990-NThe e-Postcard: the annual electronic notice a tax-exempt club files with the IRS when its gross receipts are normally $50,000 or less. It is due the 15th day of the 5th month after the fiscal year ends.All terms is available to organizations whose gross receiptsGross receiptsThe total amounts the club receives from all sources during its fiscal year, without subtracting any costs or expenses. Gross receipts decide which Form 990 the club files.All terms are normally $50,000 or less. A club with gross receipts of $200,000 or more, or total assets of $500,000 or more, files the full Form 990. See Which Form 990 a Booster Club Files.

All three are due the 15th day of the 5th month after the fiscal year ends. If that date falls on a Saturday, Sunday, or legal holiday, the return is due the next business day.

Form 990-N cannot be extended. A club that fails to file for three consecutive years automatically loses its tax exemption. See How to File Form 990-N for a Booster Club.

Forms 1099-NEC

Information returns follow the calendar year, not the club’s fiscal year. For payments made after December 31, 2025, a club generally reports payments of $2,000 or more for services to a nonemployee (an independent contractor, clinician, or instructor) on Form 1099-NEC, due January 31. For payments made during 2026, January 31, 2027 is a Sunday, so the forms are due Monday, February 1, 2027. See Paying Coaches, Instructors, and Contractors.

State filings

Many states require an annual report to keep the corporation in good standing and an annual charitable registration renewal, often with the federal return attached. Requirements, fees, and dates vary by state. See Booster Club Filing Requirements by State.