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Final Reporting ProcessFinal Reporting Process
Presenter:
Kris CainManager, Reporting Division
[email protected]/856-3028
Highlights:Highlights:
◦Departmental Notifications Preparing for project closeout Timing of ORA notifications Recipients Information provided Actions required
◦Account Close
Types of NotificationsTypes of Notifications
90-day Account Expiration Notice Email Notification at Expiration Final Report Preparation Notice Final Report Notification
90-Day Account Expiration Notice 90-Day Account Expiration Notice ((NNEEOONN))
◦ Delivered 60-90 days prior to account expiration◦ Provides guidelines for account review
◦ Delivered to: Fiscal Officer / Account Delegate / Project Director – (future)
◦ Info Provided: Account # Account Title Project Director Account Expiration Date
1st alert to begin preparing account for final reporting
Is your house in order?Is your house in order?
Review balances Large balances – Were charges applied elsewhere? Overdrafts – If all costs applicable, notify ORA with a departmental account to
cover OD Cost share – Will the project meet the obligation?
Review effort Run labor reports and ensure personnel/effort is reflected correctly
Review & resolve expenses outside grant period Ensure that the agency allows for 90-day pre-award costs Prepare to move salaries that post after expiration quickly
Review encumbrances Close old encumbrances Contact vendors if payment not yet appearing
Review Practice Plan payments
Review subcontracts Proper allocation (object code review) Check on late billings
Email Notification at ExpirationEmail Notification at Expiration◦ For accounts with agency-required reporting◦ Email sent @ expiration date of account
◦ Delivered to: Fiscal Officer/Account Delegate / Project Director – (future)
◦ Info Provided: (attached excel file) Account # Expiration Date Project Director Agency Name Grant # Budget Balance (award budget – actual expense) Report Due Date Account Delegate Financial Analyst & email
2nd alert! Account is expired, all corrections must be resolved soon.
Final Report Preparation NoticeFinal Report Preparation Notice Sent by first 5 business days of the month the financial report is to be
prepared
Alerts department of date all transactions must be finalized◦ Including all expenses outside grant period that need to be moved off◦ Overdraft resolution
Failure to respond does not delay report submission
After preparation, report is submitted to agency, copy to FO and PI◦ Report no longer sent to departments to pre-review
Delivered to:◦ Fiscal Officer / Account Delegate / Project Director
Info Provided:◦ Account #◦ Date report due at agency◦ Date final KFS documents must be posted
Anything posted after this date will not be included
Key points to remember on 3Key points to remember on 3rdrd notice:notice: Anything posted after this date will not be
included in the report to the agency
This is the last opportunity to make corrections!
Any unresolved issues will be addressed by ORA via a TF to the departmental continuation acct.
The account will be reviewed, report will be prepared/submitted to the agency.
Reports are no longer sent to departments for review prior to submission.
Final Report NotificationFinal Report Notification Email notification
Accompanied by a copy of the final report that was submitted to the agency
Delivered to:◦ Fiscal Officer / Account Delegate / Project Director
Info Provided:◦ Account #◦ Final reported amount◦ Agency refund amount (if applicable)◦ Overdraft amount (if applicable)
NO CHANGES CAN BE MADE AT THIS TIME
Account CloseAccount Close
Following report submission:
◦ Budget will be aligned with final reported amount
◦ Encumbrances will be closed
◦ Remaining unallowable expenses will be resolved by ORA via a TF utilizing the dept. continuation.
Overdrafts Effort Unallowable expenses Expense outside grant time period
Account is closed
Examples of notice sequences Examples of notice sequences - - Agency Agency report deadlines may very with each agreementreport deadlines may very with each agreement
(sample account with an expiration date of 12/31/14) (sample account with an expiration date of 12/31/14)
Sample Agency
90 – Day
Neon
Expiration
Email Notice
Final Report Notice
Final KFS Post Date
Final Report
Preparation
Report Due Date
Riley30 day grace
10/10/14
12/31/14 1/1/15/-1/5/15
1/14/15 1/15/15-1/31/15
1/31/15
State – High Education60 day grace
10/10/14
12/31/14 2/1/15 – 2/5/15
2/14/15 2/15/15 – 2/28/15
2/28/15
NIH – 90 day grace
10/10/14
12/31/14 3/1/15/- 3/5/15
3/14/15 3/15/15 – 3/31/15
3/31/15
RecapRecap 90-day Account Expiration Notice
◦ Review grant activity closely Email Notification at Expiration
Expenses outside grant period Ineligible expense Overdrafts Confirm effort Subcontract payments
Final Report Preparation Notice◦ Pay attention to the “final post date”◦ This is the last opportunity to make corrections
Final Report Notification◦ Remaining issues are resolved with a TF to departmental
continuation Account Closed
Questions & Additional TrainingQuestions & Additional Training
Kris CainManager, Financial DivisionOffice of Research AdministrationIndiana University509 E. 3rd StreetBloomington, IN 47401-3654
Telephone (812) 856-3028Fax (812) 855-9943E-mail [email protected]