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Sponsored Project Training Program Grant Financial Management Tools & Best Practice November 7, 2012 Sudha Ramaswami Sponsored Project Administration Sponsored Project Training Program 1 November 7, 2012

Sponsored Project Training Program Grant Financial Management Tools & Best Practice November 7, 2012 Sudha Ramaswami Sponsored Project Administration Sponsored

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Sponsored Project Training Program

Grant Financial ManagementTools & Best Practice

November 7, 2012Sudha Ramaswami

Sponsored Project Administration

Sponsored Project Training Program 1November 7, 2012

Context

2Sponsored Project Training Program

Grant Life Cycle committee & its work

SPTPNew Cost Policy effective

7/1/2012An atmosphere of compliance

and possible reduction in funding

November 7, 2012

Objectives

• Recommend PeopleSoft reports, queries, and pages (tools) for effective grants management

• Review how and when to use these tools

• Discuss resources available for interpreting the data

3Sponsored Project Training ProgramNovember 7, 2012

What you should know….

4Sponsored Project Training Program

Basic understanding of sponsored projects

Familiarity with basic and mid-level PeopleSoft (monthly budget reports, journal entries, expense reports, PurCards, Time & Labor)

Basic Excel usageFinancial forecasting and analytical

skillsAttended previous sessions in this

Sponsored Projects Training ProgramNovember 7, 2012

Best practices recommendations

Sponsored Project Training Program 5

Perform on a monthly basisRun the Project Monthly Budget Report for all

department grantsMonitor for overdrawn or over encumbered projectsReview expenses to ensure they are allowableProvide PIs with a copy of the reportsReview and resolve all budget checking errors

Use either the Closeout Report or query “UV_GM_KK_ERRORS_ALL” (financial module)

Review and submit all journal entries awaiting submission or posting Use either Closeout Report or query

“UV_RC_GL_JE_NOT_SUBMITTED” (financial module)

November 7, 2012

Best practices contd…

Perform on a quarterly basisRun the Closeout Report for all departmental grantsEnsure personnel are not distributed past end date of grant

Use query “UV_DIST_PAST_PROJECT_END_DATE” (HR module)

Compare committed effort to actual effort for both the PI and key personnel

Ensure no effort reductions of greater than 25% of committed effort

Meet with PI to review grant budget status, effort, and upcoming quarter plans

Make prospective distribution changes as necessaryEnsure cost share commitments are met (including third

party)

6Sponsored Project Training ProgramNovember 7, 2012

PeopleSoft Tools

Reports◦Monthly Budget Reports - Projects◦Closeout Report◦Cost Share Summary◦Budget Transaction Detail Report

7Sponsored Project Training ProgramNovember 7, 2012

PeopleSoft ToolsQueries

HCM:◦UV_PAY_ERN_DIST◦UV_DIST_PAST_PROJECT_END_DATE

FINANCIALS:◦UV_GM_KK_ERRORS_ALL◦UV_RC_GL_JE_NOT_SUBMITTED◦UV_GM_FINDINGAWDTHRUREFAWD

◦UV_GCA_PROJ_RESOURCE◦UV_GM_FLVLS_JUSTI_FORM_REQ

8Sponsored Project Training ProgramNovember 7, 2012

PeopleSoft Tools

PagesHCM:◦Dept Budget Table◦Job Data

FINANCIALS:◦Budgets Overview◦Award Profile

9Sponsored Project Training ProgramNovember 7, 2012

MONTHLY BUDGET REPORT – PROJECTS (PMBR)

Navigation: UVM Reports > Budget Reports > Monthly Budget Rpt – Projects

General use◦ Review monthly for budget vs. actuals,

encumbrances, and possible unallowable expenses

The report can be run to excel and therefore the data may be manipulated for personal reports

10Sponsored Project Training ProgramNovember 7, 2012

PMBRPossible parameters

11Sponsored Project Training ProgramNovember 7, 2012

PMBRRecommended use

◦ Check the ‘Financial Data in XLS’ option and in the output filter for Possible unallowable expense categories Expenses that require possible prior approval

Equipment Foreign Travel

◦ Review for possible rebudgeting See NGA for restricted items Work with PI and PAS administrator for those items requiring

prior approval

◦ Check salary distributions and fringe Review PI and key personnel committed effort Work with PI and PAS administrator for those items requiring

prior approval

Job Aid - http://www.uvm.edu/hrs/?Page=skills/manuals/financialreporting.html 12Sponsored Project Training ProgramNovember 7, 2012

PMBR Report use frequency - monthly It is important to note that the payroll encumbrances

are through UVM’s fiscal year-end (June 30) only, which typically does not match the award end date.◦ Payroll expenses should be projected through the award end date

This report captures only those transactions that have been posted to the General ledger (GL). ◦ Any transaction that has been budget checked but not posted will

not be reflected here.

SPA prepares interim financial reports and invoices based on actuals posted to the GL at the end of a specific accounting period◦ PMBR will reconcile to these reports and invoices

13Sponsored Project Training ProgramNovember 7, 2012

CLOSEOUT REPORT

Navigation: UVM Reports>Closeout Report

General use◦ The best tool to get a comprehensive snap shot of the

project◦ It provides sponsored and cost share budget balances,

lists all the exceptions that need to be addressed and much more

14Sponsored Project Training ProgramNovember 7, 2012

CLOSEOUT REPORT

Possible parameters

15Sponsored Project Training ProgramNovember 7, 2012

CLOSEOUT REPORTRecommended use

◦ Review the demographic information (in the header of the report)◦ Compare budget to actuals for both sponsored and cost share

chartstrings◦ Review salary encumbrances◦ Journal Entries/Expense Reports/Vouchers/Purchase Orders stuck

in budget checking errors◦ Purcards/Expense Reports with a default chartstring tied to the

project◦ Open Purchase Orders and Requisitions – check to see if

encumbrances are still needed◦ Upcoming Reporting Milestones

Any Interim Reports due Final report due dates

Job aid - https://www.uvm.edu/hrs/?Page=skills/manuals/financial reporting.html

16Sponsored Project Training ProgramNovember 7, 2012

CLOSEOUT REPORTReport use frequency

◦ Run quarterly for all department grants◦ Run 30 days prior to grant expiration and

both 20 and 30 days after grant ends

17Sponsored Project Training ProgramNovember 7, 2012

COST SHARE SUMMARY

Navigation: UVM Reports>Cost Share Summary

General use◦ A snap shot of the mandatory cost share

requirements, budget, and actuals for ongoing monitoring

18Sponsored Project Training ProgramNovember 7, 2012

COST SHARE SUMMARY

Possible parameters

19Sponsored Project Training ProgramNovember 7, 2012

COST SHARE SUMMARYRecommended use

◦Cost share budget, actuals, encumbrances, and budget balances compared to project start and end date

◦Ensure commitments will be met by the end of the project period

◦Resolve potential overdrafts in cost share chartstrings prior to the end of the project period

Cost Share Business Process & Summary Job Aid◦https://www.uvm.edu/spa/?

Page=costsharingcommitments.html)20Sponsored Project Training ProgramNovember 7, 2012

COST SHARE SUMMARY

◦Report use frequency Run and review quarterly

21Sponsored Project Training ProgramNovember 7, 2012

BUDGET TRANSACTION DETAIL REPORT

Navigation: Commitment Control>Budget Reports>Budget Transaction Detail

General use◦ Research a transaction that may have

posted during a prior accounting period◦ Used as back up for Journal entries◦ Secondary to the Monthly Budget Report -

Projects and should only be used for research

22Sponsored Project Training ProgramNovember 7, 2012

BUDGET TRANSACTION DETAIL REPORT Possible parameters

23Sponsored Project Training ProgramNovember 7, 2012

BUDGET TRANSACTION DETAIL REPORT

Ledger Group Detail KK will return transactions for all the types of projects◦ Ledger group is active effective 07/01/2008

Ledger Group Child2 will return transactions for the old Ledger Group Child1 as well

This report will give the details of transactions that have a valid budget status◦ This will differ from the monthly budget report in all

those cases where the journals/expense reports have not been posted to the General Ledger 24Sponsored Project Training ProgramNovember 7, 2012

UV_PAY_ERN_DIST QUERY Navigation: HR module – Reporting Tools>Query Viewer>

Type in the query name General use

◦ Great tool to review the individuals and the salary on a project

Quick things that can be used to check using this query◦ People distributed to this project/chart string◦ Dollar amount per person◦ Type of pay received (vacation, overtime, etc)◦ Check against Monthly Budget Report – Projects

In order to reconcile with PMBR, the period has to be closed to ensure payroll is posted.

Link to the job aid: http://www.uvm.edu/hrs/skills/manuals/queries.pdf

Query can assist with trouble shooting information in PMBR

25Sponsored Project Training ProgramNovember 7, 2012

UV_DIST_PAST_PROJECT_END_DATE Navigation: HR module – Reporting Tools>Query Viewer>

Type in the query name General use

◦ Lists all people across departments who are distributed to a specific project past the project end date

Things to check◦ Useful at closeout of an award◦ Should be run at least quarterly to find out who is still

distributed to a project◦ Trigger to request a no-cost-extension◦ Trigger to remove people from project – possible

terminations involved (timing of notice, vacation calculations)

26Sponsored Project Training ProgramNovember 7, 2012

UV_GM_KK_ERRORS_ALL

Navigation: Finance module - Reporting Tools>Query Viewer> Type in the query name

General use◦ Lists all budget checking errors as of a particular date

◦ Used by SPA in contacting you to clear certain budget checking errors

◦ Extremely useful during closeouts and at year end

◦ Use this query instead of the project closeout report to get a list of all budget checking errors for all grants in your unit

Can be run by transaction type – Salary journals, regular journals, expense reports or for a particular ledger group – SP_CHILD2 or SP_PARENT for grant related budget checking errors

Run monthly to review and resolve budget checking errors

27Sponsored Project Training ProgramNovember 7, 2012

UV_RC_GL_JE_NOT_SUBMITTEDNavigation: Finance module - Reporting

Tools>Query Viewer> Type in the query name

General use◦ Lists journal entries that have not been submitted

or posted◦ Used by Financial Reporting and Analysis

department during month end◦ This information is also available on the closeout

reportUseful during

◦ Month End ◦ Project close out

28Sponsored Project Training ProgramNovember 7, 2012

UV_GM_FINDINGAWDTHRUREFAWD

Navigation: Finance module - Reporting Tools>Query Viewer> Type in the query name

General use◦Used for locating awards using the

sponsor award number◦A quick way to locate any new awards

or awards that are on Guaranteed Funding/Advanced Account

◦Should be run as needed

29Sponsored Project Training ProgramNovember 7, 2012

UV_PROJ_RESOURCENavigation: Finance module – Reporting

Tools>Query Viewer> Type in the query name

General use◦ Basically an expenses only version of the

Monthly Budget Report – Projects

Monthly Budget Report - Projects includes the details in this query plus budget information. We recommend that you use the PMBR in place of this query.

30Sponsored Project Training ProgramNovember 7, 2012

UV_GM_FLVLS_JUSTI_FORM_REQ Navigation: Finance module - Reporting Tools>Query

Viewer> Type in the query name General use

◦ Query created at the time of cost policy roll out◦ Lists the expenses that are under the categories

which are to be justified – F levels

F6002 – General Supplies & Services

F6020 – Computer Expenses

F6006 – Memberships & Subscriptions

F6320 – Telephone & Telecom

F6301 – Utilities

F6510 – Equipment Maintenance

F6007 – Work orders◦ Gets the data from Ledger

Sponsored Project Training Program 31November 7, 2012

JOB DATA Navigation: HR module - Workforce Administration>Job

Information> Contract Administration> Job Data General use

◦ Provides useful employee information on FTE Department All jobs – includes the Fletcher Allen Healthcare component

and other positions Employment terms Salary plan – bi weekly/semi monthly Changes in compensation

Used for the following circumstances◦ Total compensation determination for effort and cost share

calculations

◦ FTE reporting Used by SPA for American Recovery & Reinvestment Act

(ARRA) reporting

◦ Salary Cap cost share calculations

◦ Provides historical and current information 32Sponsored Project Training ProgramNovember 7, 2012

DEPT BUDGET TABLE Navigation: HR module - Set up

HRMS>Product Related>Commitment Accounting>Budget Information>Department Budget table USA

General use◦ Lists distributions◦ Includes history of distribution changes and date changes

were entered ◦ Used by SPA for American Recovery & Reinvestment Act

(ARRA) reporting

Quick things that can be ascertained◦ Distribution changes on a particular project

33Sponsored Project Training ProgramNovember 7, 2012

BUDGETS OVERVIEW

Navigation: Commitment Control>Review Budget Activities>Budgets Overview

General use◦ Quick snapshot of the project budgets and expenses

including cost share information at any point in time (live)◦ Not used for reports or invoices to the sponsors or for

University financial statements

Quick things that can be ascertained◦ Total budget of the award◦ Expense Categories◦ Chartstrings◦ Estimated budget balance

Can be run for sponsored or cost share chartstrings or both

34Sponsored Project Training ProgramNovember 7, 2012

AWARD PROFILE Navigation: Grants>Awards>Award Profile General use

◦ Provides award demographic information and other helpful details for effective grants management

Gives the demographic info of an award◦ PI name/Co-PIs

◦ Sponsor name

◦ Amount of Funding

◦ Start and End dates

◦ Milestones – Reporting and otherwise

◦ Grant Administrator link

The additional information link that gives a variety of info◦ Cost Share

◦ Related Awards

◦ Any other special terms

35Sponsored Project Training ProgramNovember 7, 2012

RESOURCES

Upcoming classes◦http://

www.uvm.edu/hrs/skills/fullschedulefy13.pdf

SPA websiteLearning Services Skill

development website

36Sponsored Project Training ProgramNovember 7, 2012

Process Questions/Contact infoDean’s Office

Sponsored Project Administrationhttp://www.uvm.edu/spa/

217, Waterman Building85 South Prospect StreetBurlington, Vermont 05405-0160(802) 656-3360 phone(802) 656-8604 fax

37Sponsored Project Training ProgramNovember 7, 2012

Conclusion• Recommended PeopleSoft

reports, queries, and pages (tools) for effective grants management

• Reviewed how and when to use these tools

• Discussed resources available for interpreting the data

Sponsored Project Training Program 38November 7, 2012

THANK YOU!

Sponsored Project Training Program 39November 7, 2012