Sponsored Financial Reporting - What a Department Needs to Know.
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Transcript of Sponsored Financial Reporting - What a Department Needs to Know.
Sponsored Financial Reporting -What a Department Needs to
Know
Responsibilities
Sponsored Financial Reporting is responsible for:Managing the external financial reporting and
invoicing requirements of sponsored University research projects
Collection of sponsored accounts receivable and processing letter of credit draws and cash application
Financial system close outs of sponsored projectsManaging A-133, federal, state, and sponsor
audits of sponsored projects and institutional quarterly/annual reporting
Responsibilities
Where do “I” as an Academic Department person fit in?
• You have a role or potential role • Can depend on the situation
Structure of SFR
SFR has four distinct areas within the unit• Non Federal Area – Kerry Marsolek• Federal Area – Tonya Knutson• Account Receivable Area – Marjorie
Nebo• Financial System Data Analysts – Mark
Rova, Mary Gorder, Michelle Kevelin
Where do I fit in?
Invoice & Report preparation• Interim
• Email with the invoice/report and transaction detail, no departmental review prior to submission
• Monthly, quarterly, annually• Pick up all expenses that hit the sponsored
project during the invoicing/reporting period
Where do I fit in?• Final or Budget Period End
• Email with the draft invoice/report and transaction detail including those transactions not included on the invoice/report
• SFR will include as many transactions as we can identify are for the period using tools available (Imaging, FFN, U-stores, DTEX).
• Email with the final version of the final report/invoice and transaction detail
• Timely turn around to meet sponsor deadlines
Where do I fit in?
Cost Share Reporting• Reportable
• Non Reportable
Sub-Contracts• Outstanding invoices
Modifications • No cost extension
• Carry forward approvals
• Incremental funding
• Continuations
• Supplements
Where do I fit in?
Accounts Receivable & Collection• Monitor open receivables, request update • “Behind the scenes” assist in collections,
knowledge sharing• If you know something about the sponsor or
project that is the reason for non payment, quality/quantity issues, etc. notify SFR
• If an invoice is unpaid due to late or missing deliverables work with PI to ensure compliance
Where do I fit in?
Financial System Closeout• Removal of overdrafts
• 90 days after the final report/invoice submission – UNCR policy
• Fixed price transfers• Returning/deobligating unspent funds• Closing open encumbrances
Where do I fit in?
Audits• Single Federal A-133 (annually)
http://www.controller.umn.edu/• Sponsor • Federal • State
Institutional Reporting• Quarterly• Annually
Goals
Effectively communicate with academic departments, sponsors and other grants management offices
Accurate and on time submission of reports & invoices to sponsors
Current receivables and timely closeouts
Accurate institutional reporting and effective system and G/M oversight
Resources!
http://www.controller.umn.edu/SFR/sponsored_reporting.htm
Sponsored Financial Reporting website
Sue Paulson [email protected]
612-624-5007