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Final Reporting Process. Presenter: Kris Cain Manager, Reporting Division kacain@iu.edu 812/856-3028. Departmental Notifications Preparing for project closeout Timing of ORA notifications Recipients Information provided Actions required Account Close. Highlights:.
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Final Reporting Process Presenter: Kris Cain Manager, Reporting Division kacain@iu.edu 812/856-3028
Departmental Notifications Preparing for project closeout Timing of ORA notifications Recipients Information provided Actions required Account Close Highlights:
90-day Account Expiration Notice Email Notification at Expiration Final Report Preparation Notice Final Report Notification Types of Notifications
Delivered 60-90 days prior to account expiration Provides guidelines for account review Delivered to: Fiscal Officer / Account Delegate / Project Director – (future) Info Provided: Account # Account Title Project Director Account Expiration Date 1st alert to begin preparing account for final reporting 90-Day Account Expiration Notice (NEON)
Review balances Large balances – Were charges applied elsewhere? Overdrafts – If all costs applicable, notify ORA with a departmental account to cover OD Cost share – Will the project meet the obligation? Review effort Run labor reports and ensure personnel/effort is reflected correctly Review & resolve expenses outside grant period Ensure that the agency allows for 90-day pre-award costs Prepare to move salaries that post after expiration quickly Review encumbrances Close old encumbrances Contact vendors if payment not yet appearing Review Practice Plan payments Review subcontracts Proper allocation (object code review) Check on late billings Is your house in order?
For accounts with agency-required reporting Email sent @ expiration date of account Delivered to: Fiscal Officer/Account Delegate / Project Director – (future) Info Provided: (attached excel file) Account # Expiration Date Project Director Agency Name Grant # Budget Balance (award budget – actual expense) Report Due Date Account Delegate Financial Analyst & email 2nd alert! Account is expired, all corrections must be resolved soon. Email Notification at Expiration
Sent by first 5 business days of the month the financial report is to be prepared Alerts department of date all transactions must be finalized Including all expenses outside grant period that need to be moved off Overdraft resolution Failure to respond does not delay report submission After preparation, report is submitted to agency, copy to FO and PI Report no longer sent to departments to pre-review Delivered to: Fiscal Officer / Account Delegate / Project Director Info Provided: Account # Date report due at agency Date final KFS documents must be posted Anything posted after this date will not be included Final Report Preparation Notice
Anything posted after this date will not be included in the report to the agency This is the last opportunity to make corrections! Any unresolved issues will be addressed by ORA via a TF to the departmental continuation acct. The account will be reviewed, report will be prepared/submitted to the agency. Reports are no longer sent to departments for review prior to submission. Key points to remember on 3rd notice:
Email notification Accompanied by a copy of the final report that was submitted to the agency Delivered to: Fiscal Officer / Account Delegate / Project Director Info Provided: Account # Final reported amount Agency refund amount (if applicable) Overdraft amount (if applicable) NO CHANGES CAN BE MADE AT THIS TIME Final Report Notification
Following report submission: Budget will be aligned with final reported amount Encumbrances will be closed Remaining unallowable expenses will be resolved by ORA via a TF utilizing the dept. continuation. Overdrafts Effort Unallowable expenses Expense outside grant time period Account is closed Account Close
Examples of notice sequences - Agency report deadlines may very with each agreement(sample account with an expiration date of 12/31/14)
90-day Account Expiration Notice Review grant activity closely Email Notification at Expiration Expenses outside grant period Ineligible expense Overdrafts Confirm effort Subcontract payments Final Report Preparation Notice Pay attention to the “final post date” This is the last opportunity to make corrections Final Report Notification Remaining issues are resolved with a TF to departmental continuation Account Closed Recap
Questions & Additional Training Kris Cain Manager, Financial Division Office of Research Administration Indiana University 509 E. 3rd Street Bloomington, IN 47401-3654 Telephone (812) 856-3028 Fax (812) 855-9943 E-mail kacain@iu.edu