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Grant Cradle to Grave - Closeout

Grant Cradle to Grave - Closeout. Cradle to Grave: Federal Financial Report (FFR). SPSS reviews the grant, prepares the FFR draft and emails the FFR draft to the department within 30 days of the budget end date.

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Grant Cradle to Grave - Closeout

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  1. Grant Cradle to Grave - Closeout

  2. Cradle to Grave: Federal Financial Report (FFR) • SPSS reviews the grant, prepares the FFR draft and emails the FFR draft to the department within 30 days of the budget end date. • SPSS and the department will work together in reviewing the FFR draft and preparing the reconciliation worksheet. • If the FFR is a final report, the grant will need to be closed before its is submitted to the sponsor. • For SOM, the rolling 12 month on-time rate has increased from 47.8% in 2012 to 63.2% in 2013 to 81.0% 2014!

  3. FFR: Rev-Exp Summary Report & Worksheet • Run a Rev-Exp Summary Report from Business Warehouse (BW). Sponsored Projects --> Transaction --> Rev-Exp Summary • Hint: Remember to exclude revenue sponsored classes (4*) and cost sharing sponsored programs (98*)

  4. FFR: F&A Analysis • F&A Analysis is performed for the project period and the current period

  5. FFR: Draft FFR • SPSS will email the department the Draft FFR within 30 days of the budget end date

  6. FFR: Reconciliation Worksheet • Run a GM Actuals Report from BW. Sponsored Projects --> Transaction --> GM Actuals • Run a Summary of Gross Salary (Combined) Human Resources--> Finance Admin --> Summary of Gross Salary (Combined)

  7. FFR: Final FFR Closeout • If the FFR is a final report, the grant will need to be closed before its is submitted to the sponsor. To close a grant, the following must occur: • Both Expenses and Billed Revenue (Cash Collected + Open Receivables) equal final amount on the FFR • The correct amount of F&A is applied the grant • All open encumbrances are cleared from the grant***The process of removing an open encumbrance may take a view days, please review all open encumbrances when a final FFR draft is received to ensure the FFR is submitted on-time***

  8. Final Invention Statement and Certification • Due 90 days following the expiration or termination of support • Processed through Commons by PI • Tech Transfer reviews for accuracy • Submitted by Authorized Official

  9. Questions

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