Sponsored Programs: The Reporting process

1. Sponsored Programs: The Reporting process November 1st, 2012

2. Creation of the Financial Status Report (FSR) • Assigned 45 days before report due date • Priority List • Cost Reimbursable (invoice) • Letter of Credit • UM Forms, Sponsor Forms, etc. • Closeout Only • Compile FSR • FSR Sent to the department

3. What to look at on the FSR • Expenses Incurred through the end date • Ensure our numbers match • Late Charge Analysis • Adjustments

4. Late Charges • Charges which post to the general ledger after the end date of the project • The reporting accountant will perform a high level analysis of late charges • Review of Voucher Details • Employee Total Pictures • Concur Support • Kept unallowable until further documentation can be provided

5. Late Charges • The department can provide additional documentation to allow expenses • Sufficient documentation includes: • Invoices • Receipts • Purchase Orders • Order Confirmations • Time sheets for temporary employees

6. Late Charge Analysis Amount that is unallowable, will show up on TSF Memo Total Allowed on FSR Expenses that have been transferred, will not show up on TSF memo

7. Unallowable Late Charges • Non-Payroll Expenses • Provide chartfields on Transfer Memo • Payroll Expenses • Regular Employees- create a DBE • Temporary Employees- create journal entry with Effort Re-Certification Form

8. Adjustments • Adjustments vs. Late Charges • Non-Payroll Adjustments • Documentation which indicates final purchase price along with date ordered • Sufficient: Invoices and Receipts • Not Sufficient: Purchase Orders, Requisitions and Quotes

9. Adjustments • Payroll Adjustments • Copy of DBE or Effort Re-Certification Form • Retroactive payroll adjustments from a prior fiscal year will not be accepted if the employee has already certified their effort • A direct benefit explanation is needed for all adjustments which have previously posted to a different account

10. Tips for a Successful Closeout/Inactivation • End all employee’s effort as of the last day of the project period • End all recurring expenses as of the last day of the project period • Refer to Sponsored Closeout Checklist • Journals • Provide direct benefit explanation • Provide explanation why expense wasn’t charged to the correct place initially • Expense is over 120 days, provide memo which explains: • Why the expense wasn’t transferred sooner • What steps are being enacted to prevent this in the future

11. Further Information If you should have further questions after the presentation or would like Sponsored Programs to present an in-depth presentation about the reporting process please contact: Derek Martin demarti@umich.edu (734) 615-1776 Or Deb Talley dtalley@umich.edu (734) 647-3794

12. Questions?

13. Thank You!