“SPEAR”WORKSHOP

OCTOBER 19 & 30 , 2015

T I F FA N Y FA H E Y & J E S S I C A L A M B D I N

CLOSEOUTS

Tracking sponsored projects end dates

FSU_SP_GM_PROJ_INFO7

FSU_SP_CA_PROJ_DEPT

Financially Closed

Debit and Credit balances are zero for accounts 1xxxxx-3xxxxx

112xxx- Cash155000- Accounts Receivable155001- A/R Unbilled168xxx- Employee Advance27xxxx- Assets

276000- Furniture and Equipment

311xxx- Accounts Payable389400- Deferred Revenue

Timeline

Youtube https://www.youtube.com/watch?v=mYyepB-w6N4

Closeout Process

Before the end of the award an email is sent to PI and Department contact with steps to prepare for award closeout Ensure all appropriate expenditures have been posted to project Clear encumbrances as soon as possible Subcontracts-make sure all work has been completed and we have

received the final invoice Cost-Share – make sure all expenses have posted correctly and you

have submitted proper documentation

XX days after award end date – final report/invoice is due to agency Federal – generally 90 days Federal flow-through – generally 45-60 days as prime is most likely due

in 90 days Non-Federal – see terms and conditions Closeout process begins at the proposal stage!

PI/Department Responsibilities

Notice to SRA of intention to request extension Notice to SRA if a renewal is coming

Depending on timing – may need Amendment in Advance

Reconcile project ledgers – this should be done monthly All costs incurred relate to project

Identify unallowable – E.g. office supplies, postage Identify costs that need to be posted to the project Cost transfer policy still applies! Correct account code errors

Subcontract invoices received and paid timely

PI/Department Responsibilities

Ensure all cost share expenditures have posted or are documented for your Post-Award Coordinator (including tuition & confirmation letters from 3rd parties)

Heightened scrutiny during last 90 days – spending towards the end of the project needs to make sense!

Once project ends (E date) transactions are limited Encumbrances will pay out New requisitions, unencumbered payments, DOLs, p-card

charges or T-Auths will be rejected If legitimate project expenditures need to post – work with SRA

Accounting Coordinator

Encumbrances

What are the encumbrances? Payroll

Where will personnel be appointed after project ends?

Subcontracts If final invoice has been received/paid remaining encumbrance should be released

What will the F&A be on encumbrances and will this cause an over run?

Clear Encumbrances (OBI Financial Reports Transaction Details the Encumbrance tab) Expenses must be “liquidated” (paid) before they can be included on final

invoice/report Move cost overruns – cannot be moved to another sponsored project! Transfer/return property –

OMNI Financials query FSU_SP_DPT_AM_ASSETS1 Property PC 213 form

Overruns

Transfer amount from project to non-sponsored source of funds Your Post-Award Coordinator will contact you with further

instructions

Transfer specific expenditures Possible Cost Transfer issue Retroactive Distribution of Funding for Personnel Departmental Online Journal Entry form for non-personnel

Final Invoice/Report

SRA Coordinator will prepare final invoice/report before due date PI/Sponsored Project Manager must sign off (approval)

Approval = Certification that expenditures reported are complete, for appropriate purposes, and in accordance with the terms and conditions of the award documents

SRA will submit final report/invoice to the agency as needed

What Happens in myFSU?

After final report/invoice is reviewed Project status is changed to Semi-Closed (S date)

When all invoices have been paid, property moved, and the trial balance is clear, the project will be closed Project status is changed to Closed (C date) KK budget is closed – Stops all future charges to project

Our goal is to get all projects closed in myFSU within 180 days of the award end date

Property

Who retains ownership of equipment? FSU or Sponsor?

Transfer Property to another chartfield combination Property Change Form PC 213

Fixed Price Residuals

All outstanding invoices must be paid and property cleared prior to distribution of residual

If >15% or >$25,000 residual funds are remaining PI must provide a justification for the large balance Charges posted to another source

If posted to another sponsored award it is NOT Allowed and will have to be moved

Timeline

Common Closeout Issues

Estimated Final Financial reports Expenditures that post late/ not accounted for in final report

Assets not transferred from sponsored projectsAccounts PayableEmployee Advances

Is Your Project Ready to Close?

Encumbrances cleared?All expenditures have

posted?Assets transferred to

another source of funds?

Accounts 1xxxx-3xxxxx on trial balance are zero

Jessica Lambdin Tiffany Fahey850-644-8946 850-644-8658jlambdin@fsu.edu tfahey@fsu.edu