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 spaul@umn.edu

612-624-5007