In-Depth Financial Award Closeout - Sponsored Projects ...
In-Depth Financial Award Closeout - Sponsored Projects ...
In-Depth Financial Award Closeout - Sponsored Projects ...
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Nayubel Bernard-Badio / Rachel Surber<br />
02.12.2013
‣<strong>Sponsored</strong> <strong>Award</strong> Overview<br />
◦ <strong>Closeout</strong> happens at the award level, NOT<br />
the project level.<br />
‣Chartfield String Budget Status for<br />
Current Non-<strong>Sponsored</strong> Funds<br />
◦ Determine amount of cost share which<br />
needs to be funded<br />
◦ Run report on Project ONLY
It’s easy for us to forget things. Using a<br />
checklist ensures that you won’t forget<br />
anything.
☐ Final Reconciliation and invoice/report received from SFR<br />
☐ End payroll and cost share distributions<br />
☐ Verify effort commitment was<br />
☐ Fund cost share to full detail Chartfield string<br />
☐ Encumbrances released/closed<br />
☐ Capital Asset/Equipment<br />
☐ Overdrafts removed<br />
☐ Fixed Price Transfer<br />
☐ Complete departmentally specific closeout tasks
What is the SFR <strong>Closeout</strong> Accountant asking you<br />
to do? Fund CS, remove a deficit, move asset(s)…<br />
all of the above?<br />
Run UM Reports<br />
‣<strong>Sponsored</strong> <strong>Award</strong> Overview<br />
‣Chartfield String Budget Status for Current<br />
Non-<strong>Sponsored</strong> Funds<br />
‣Transaction Detail Report<br />
Pull Final Reconciliation and <strong>In</strong>voice/Report
Run one or both of the following reports,<br />
<strong>Sponsored</strong> <strong>Award</strong> Summary<br />
<strong>Sponsored</strong> Project Summary
Final Report or <strong>In</strong>voice
<strong>Sponsored</strong> <strong>Award</strong> Overview
Fund Cost Share<br />
• All sponsored projects with cost share have<br />
to be funded to the detailed cost share chart<br />
string level prior to close out.<br />
– JE to move revenue from the summarized<br />
program level to the detailed chart string (Fund-<br />
DeptID-Prog-Proj - CS) use Analysis type CSR<br />
– Must be done when project is over
<strong>Closeout</strong> Complete
Contract Status: “PENDING_FINAL_CLOSEOUT” means the<br />
<strong>Award</strong> (all <strong>Sponsored</strong> <strong>Projects</strong> linked to this Contract Number),<br />
is now closed out / inactivated.
Resources<br />
• Form UM 1767 – Departmental Fixed Price <strong>Closeout</strong> Checklist:<br />
http://www.policy.umn.edu/Policies/Research/CLINICALTRIALS.html<br />
• <strong>Sponsored</strong> <strong>Financial</strong> Reporting:<br />
http://www.finsys.umn.edu/sfr/sfrhome.html<br />
• <strong>Financial</strong> system closeout checklist for sponsored projects:<br />
http://www.finsys.umn.edu/sfr/sfr_<strong>Closeout</strong>Checklist<strong>Sponsored</strong>P<br />
rojects.pdf<br />
• <strong>Sponsored</strong> Project <strong>Closeout</strong>, SP16:<br />
http://www1.umn.edu/ohr/trainingservices/spa/courses/index.html
Contact <strong>In</strong>formation:<br />
Nayubel Bernard-Badio<br />
<strong>Sponsored</strong> <strong>Financial</strong> Reporting<br />
berna020@umn.edu<br />
Rachel Surber<br />
College of Science and Engineering<br />
surbe002@umn.edu
©2009 Regents of the University of Minnesota. All rights reserved. The University of Minnesota is an equal opportunity educator and employer.<br />
This presentation is available in alternative formats upon request. Direct requests to genox003@umn.edu or 612.624.5599.
Change language