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Financial System Closeout GMUN May 20, 2010

Financial System Closeout GMUN May 20, 2010. Preparing Sponsored Projects for Closeout. Invoicing and Reporting must be completed Run the “Sponsored Award Overview Report” Use the Overview Report to determine the steps that need to be taken. Payroll Distribution.

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Financial System Closeout GMUN May 20, 2010

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  1. Financial System CloseoutGMUNMay 20, 2010

  2. Preparing Sponsored Projects for Closeout • Invoicing and Reporting must be completed • Run the “Sponsored Award Overview Report” • Use the Overview Report to determine the steps that need to be taken

  3. Payroll Distribution • Prepare payroll distribution documents to move employees paid on the project to non-sponsored program. • This needs to be done for cost share as well as direct payroll

  4. Encumbrances • Check the cumulative portion of the Overview report for encumbrances. • General PO’s: contact Procurement Specialist to release • Sub-K PO’s: contact SPA Grant Administrator to release

  5. Capital Equipment Assets • Contact Director of Inventory Services for listing of assets. • Complete Asset Transfer Form – UM 1556 select-reason (Closeout of Sponsored Project)

  6. Removal of Overdrafts • Process JE to remove charges (including Late and Unallowable charges) using expense account codes • Departments have the ability to remove payroll charges that have crossed fiscal year • Use final invoice or report to ensure that the amounts being removed are accurate

  7. Fund Cost Share • All sponsored projects with cost share have to be funded to the detailed cost share chart string level prior to close out • JE to move revenue from the summarized program level to the detailed chart string (Fund-DeptID-Prog-Proj - CS) use Analysis type CSR • Must be done when project is over - not at the end of the year

  8. F & A Redistribution • This should be done at the discretion of the RRC Manager • JE to move revenue from the detailed level (program-project) to summarized level (program UM003) use Analysis type RFA • Journal entry needs to be done at the end of the project

  9. Fixed Price Transfer • “Significant Balance”: > $6250 and 25% of payments received - Complete Fixed Price Transfer Form (UM1613) and route to SPA GA • Balance < $6250 and 25% payments received: Email non-sponsored program chart string to SFR

  10. Resources • Asset Transfer Form (UM-1556): http://www.policy.umn.edu/prod/groups/president/@pub/@forms/documents/form/um1556.pdf • Fixed Price Transfer Form (UM-1613) and Procedure: http://www.policy.umn.edu/Policies/Research/CLINICALTRIALS_PROC01.html • Procedure for Removing Payroll on Sponsored Projects: http://www.finsys.umn.edu/sfr/JEmovingPayrollandFringe.pdf

  11. Contact Information: Marjorie H. Nebo Finance Manager Sponsored Financial Reporting 612-624-6026 nebox001@umn.edu

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