04/19/23

Sponsored Programs ServicesSponsored Programs Services

Termed Accounts

04/19/23

TopicsTopics

Recognition of Term DateAwareness of Financial DeliverableTermed Accounts Letter NotificationTaking Action to Balance Accounts

– Subcontracts, sub accounts, commitments, etc.Notification to SPS AccountantSPS Actions and ProceduresCost Share Documented

04/19/23

Recognition of Term Date andRecognition of Term Date andAwareness of Financial Awareness of Financial DeliverableDeliverableLook to your awardRefer to the Award Summary Sheet

04/19/23

Financial Report is Due

04/19/23

Notice of Termed Accounts LetterNotice of Termed Accounts Letter

Please Return To Sponsored Funds at EHP

04/19/23

Notice of Termed AccountNotice of Termed Account

Review accountsReturn to SFA with closing instructionsReturn to SFA with copy of extension

04/19/23

Take Action to Balance AccountTake Action to Balance Account

Submit adjustment forms to PayrollNotification to Faculty account is closingNotify Telecomm/CIT of changeComplete Purchase Orders

04/19/23

Sub-Accounts and SubcontractsSub-Accounts and Subcontracts

Clear advance balancesCheck Subcontract accountClear commitmentsDid Account have Program Income ?Complete Cost Share

04/19/23

Notify SPS ASAPNotify SPS ASAP

No need to wait until you get a statement with a zero balance; notify SPS accountant how the account will close

Get PI’s permission to return unexpended balances

04/19/23

SPS Actions and ProceduresSPS Actions and Procedures

Once the account is reconciled to zero, SPS goes through Closing Procedures

ACCOUNT NUMBER AGENCY

Total expense per A/C Analysis Statement Date 5,000.00

Adjustment in process:J.E.# 0.00J.E.# 0.00J.E.# 0.00J.E.# 0.00

Adjusted Total Expense thru term date Term Date 5,000.00

Total Award - 7,000.00Budget Adj in Prog J.E.# (1,000.00)Total Expense 5,000.00

J.E.# 1,000.00

LESS UNLIQ OBLIG (NIH) 0.00 1,000.00

True Cash Position Report---#AC-118A Date 0.00

Revenue Adjustments:Invoices Not Booked: # 0.00Other Adjustments: J.E.# 0.00

Total adjustments in process 0.00

Adjusted Cash Position (DUE) 0.00

CLOSED BY: Date: 05/27/04

FINAL REPORT: YES NO XXSFA Supervisor Approval

COPIES SENT TO DEPT_____________________

OVERHEAD

Unexpended Balance

FINAL REPORT CLOSEOUT RECONCILIATION

PAYROLLFRINGEMISC

Pre-closeoutPre-closeoutCHECKLIST FOR CLOSING TERMINATED ACCOUNTS

PRE-CLOSEOUT (ASSISTANTS) Account #

PREPARE THE FOLLOWING:

PULL CORRESPONDENCE and BILLING FOLDER

PRINT ANALYSIS STATEMENT FOR MAIN AWARD ACCOUNT AND ALL SUBS

FOR POST-TERM EXPENSES, PRINT TRANSACTION AND LABOR DISTRIBUTION STATEMENTS

ORGANIZE CORRESPONDENCE FOLDER, ELIMINATE DUPLICATE E-MAILS, ETC.

CHECK THE FOLLOWING:

IS THIS ACCOUNT UNDER FDP? (yes no)

611X - FOREIGN TRAVEL (must follow agency regulations)

610X - DOMESTIC TRAVEL (must follow agency regulations)

5XXX - CAPITAL EQUIPMENT (request property report from Capital Assets if required)

8XXX - Student Aid - there should be none on Research (FNC 43x) awards except REU or NRSA

6830 - only allowed on Fabrication Accounts (FNC 432/433)

FABRICATED EQUIPMENT ACCOUNTS capitalization entry must be made (6830 TO 5020)

91XX - Unallowable expense - there should be none

COMMITMENTS (all should be cleared) Check with department on all but IDC.

EXPENSES CHARGED AFTER TERM DATE (if incurred prior to term date then OK, if not must be

moved or justifed) Check voucher for date. If necessary to call dept make note of contact person.

PAYROLL (all pay for time after term must be moved)

OVERHEAD (for each IDC rate change)

Check for SUBCONTRACTS, SUB ACCOUNTS, SITE PROJECTS, TRAVEL ADVANCES, COUNTY ACCOUNTS,

PROGRAM INCOME

OBTAIN DOCUMENTATION FOR CLOSEOUT ENTRIES (make adjustments on analysis)

04/19/23

SFS Review of Analysis SFS Review of Analysis StatementsStatementsLook for misused object codesMake sure travel is within guidelinesMove off all Misc. Exp. NONRECOV.Check if equipment is allowable

04/19/23

04/19/23

Final CloseoutFinal CloseoutFINAL CLOSEOUT

DO THE FOLLOWING ENTRIES:

TRANSFER REVENUE FROM MAIN (if there are subs) (not necessary on NSF/DHHS/EDUC)

OVERHEAD ADJUSTMENT (if necessary)

DO BUDGET JOURNAL ENTRY FOR UNEXPENDED BALANCE (if necessary)

DO THE FOLLOWING REPORTS:

FOR A/C'S WITH 272 REPORTING REQUIREMENTS, CK WHAT WAS REPORTED AS FINAL EXPENDITURES

ON THE QUARTERLY REPORT

COST SHARING REPORT, IF REQUIRED

PROGRAM INCOME REPORT, IF REQUIRED

CHECK TO SEE IF TOTAL CASH WAS RECEIVED (do final invoice if not)

DO FINAL FINANCIAL REPORT (this may be the final invoice)

CONTRACTORS RELEASE FOR CONTRACTS/GRANTEE'S RELEASE FOR GRANTS

REFUND VOUCHER (must have memo from PI to return balance)

FINAL REPORT CLOSEOUT RECONCILIATION

PROVISIONAL IDC LETTER (If we are under provisional IDC Rates)

CHANGE FIXED INFORMATION:

ADD STOP CHARGE CODE

ADD DELETE CODE

CHANGE SOURCE CODE TO CLOSED SOURCE for NSF/DHHS/EDUC IF FINAL YEAR

ADD STOP CHARGE CODE ON RECEIVABLE A/C (not on generic receivable accounts)

ADD DELETE CODE ON RECEIVABLE A/C (not on generic receivable accounts)

PUT ACCOUNT CLOSING DATE ON ACCOUNT RECEIVABLE

MARK THE FOLLOWING REPORTS:

ADD ACCOUNT TO CLOSE OUT SFA LIST

ADD REPORT SENT DATE TO OSP PORTAL

MARK CLOSED ON TERM LIST

MARK CLOSED ON BILLING LIST

MAILING INSTRUCTIONS FOR FINAL REPORT / BILLING PAGE

CLOSE-OUT SIGNOFF:

FORWARD TO SUPERVISOR FOR SIGNOFF

EXPENSE WRITE OFF ACCOUNT G05-B995 OR 725-3708 ($50 LIMIT WITHOUT SPECIAL APPROVAL)

NSF WRITE OFF OF REVENUE G05-0062 / G99-9984 (Endowed only)(if financially closed on Qtly Rpt and under $300)

04/19/23