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Financial Reconciliation Closeout Process For Sponsored Projects Julie A. Schwindt, Director

Financial Reconciliation Closeout Process For Sponsored Projects Julie A. Schwindt, Director Contracts and Grants. Why do we have a closeout process?. Provides fiscal compliance Captures reconciling items Records and provides evidence of documentation for total cost share

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Financial Reconciliation Closeout Process For Sponsored Projects Julie A. Schwindt, Director

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  1. Financial Reconciliation Closeout Process For Sponsored Projects Julie A. Schwindt, Director Contracts and Grants

  2. Why do we have a closeout process? • Provides fiscal compliance • Captures reconciling items • Records and provides evidence of documentation for total cost share • Increases fiscal accountability • Review and certification of expenditures

  3. Why do we have a closeout process? • Equipment tags are confirmed • Reminders provided to: • Change payroll set-up • Discontinue monthly lab expenditures • Disclose inventions

  4. Reconciling Items

  5. Reconciling Items

  6. Reconciling Items Allowable expenditures that can be entered as reconciling items: Posted after month end Have not posted Allows for expenditures to be removed

  7. Reconciling Items

  8. Cost Sharing

  9. Certification

  10. Certification • IMPORTANCE: • Must complete for compliance • Must be answered honestly • Consequences if not completed

  11. Certification Working the Closeout

  12. Certification

  13. QUESTIONS?

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