Financial Closeout Reminders OSR Post-award School of Medicine Team February 11, 2009.
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Transcript of Financial Closeout Reminders OSR Post-award School of Medicine Team February 11, 2009.
Financial Closeout Reminders
OSR Post-awardSchool of Medicine Team
February 11, 2009
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OverviewOverview
Closeout Under New Strategy (reminder)Closeout Under New Strategy (reminder) Closeout TimelineCloseout Timeline What OSR Research Accountants do Escalation process Issues that Hold Up Closeout Hold Up Closeout What the Departments can do to help What the Departments can do to help
closeout timelycloseout timely Wrap upWrap up
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DepartmentalPre-Expiration
Review Slot
Departmental Post-Award Review Slot
AWARD END DATE + 90+ 60+ 30 days– 30- 60
AdvanceCloseNotif. On-Time
Final Reports
All projecttime extension requestsshould be submitted
On-line Exp Statement
Printed Exp Statement
Continue review & I-Journals OSR CloseSlot
14 days
+ ~75
Initial Review & I-Journals
On-line Exp Statement
Printed Exp Statements
Last dayfor changesor to provide evidence ofan agency-approvedtime extension
On-line Exp Statements
Last opportunityto check for errors(on-line expenditurestatement date+ 2 workingdays)
Summary of Closeout Schedule(awards with reports due 90 days after end date)
Set up Early Acct on Renewal
Post Final Expenses
CloseNotif.
Request No-Cost Extension
Finalize review & I-Journals
EmailFrom
OSR Acct
60 dayAfterNotif.
75 dayAfter
Notices
OSR/Unit Interaction
Week 1
Week 4
Week 9
Week 7Week10
Week 11
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What OSR Research Accountants do:What OSR Research Accountants do:
Start closeout process after Award Closeout Notification sent out
Run reports, review expenses to ensure compliance with sponsor & University policy and requirement
Beginning of 4th week, RAs contact departments, identify any possible closeout issues
Beginning of 7th week, RAs send reminders to departments, verify and help resolve specific closeout issues, such as overdraft, unallowable expenses, and other closeout issues
Continue closeout process
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About OSR escalation process
End of 7th week, RA escalates to Accounting Manager if no response or action taken from the dept.
Accounting Manager involves in helping resolve closeout issues by contacting the dept.
End of 9th week, if no response or action taken from the dept., Accounting Manager escalates to Associate Director
End of 11th week (75 days of the award end), If no response, Associate Director escalates to OSR Senior Director
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What Departments can do to help closeout timely:What Departments can do to help closeout timely:
Keep accurate financial records – monthly and quarterly Expenditure certifications must be up to date
Review monthly expenditure statement - identify and transfer out unallowable expenses timely
Work with AP and ensure sub-award invoices get paid timely
Contact OSR Contract Officer or RMG for additional fund or no time cost extension approval
Submit early/extended PTA requests to OSR timely if expecting next year’s funding
Respond to OSR RA regards to closeout awards timely to avoid escalations
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Common Issues that Hold Up Closeout
Late cost transfers Unallowable charges Overdraft not cleared in a timely manner No PI effort reflected on the award Equipment charge below $5K threshold Late submission of final invoice from the sub-
recipient Pending renewal award Lack of department responses
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How to Avoid these Common Issues?
All of the above issues could be avoided if awards are monitored closely during the life of the project
Timely review and transfer unallowable expenses during quarterly expenditure statement review
Contact OSR Contract Officer or RMG for any pre-award issues in a timely manner, e.g. expecting additional funding or no cost time extensions
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Reminder
No Cost Time Extensions (NCTE)
Policy:Awards closed within 90 days of the project end date
If PI expects for next year’s funding or NCTE:Please submit an early/extended PTA request form to OSR in a timely manner
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Helpful info.
For details about the closeout notifications and process, go to: http://ora.stanford.edu/ora/osr/close_out/closeout_forms.asp
To get the early/extended PTA form: http://ora.stanford.edu/ora/osr/award_initiation_pta_setup/pta.asp#38
For Cost Policy Guide Memo 34.5:http://adminguide.stanford.edu/34_5.pdf
For pre-award issues on contracts or subcontracts, please contact your assigned OSR contract officersFor No Cost Time Extensions, please contact:Cathi Blackwood at 724-3038, e-mail: [email protected]
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Let’s work together closely to make Let’s work together closely to make closeout process smoother for closeout process smoother for everyone!everyone!
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Questions: Francine Davis
phone:5-8123 email:[email protected]
Yani Zhangphone:3-9227e-mail:[email protected]
Marian Wuphone:5-0082 [email protected]
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Thank you!Thank you!