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Office of Grants & Contracts Accounting (OGCA)

Office of Grants & Contracts Accounting (OGCA). Financial Status Reporting (FSR) using the Award Reconciliation & Review Tool (ARRT). Learning Objectives.

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Office of Grants & Contracts Accounting (OGCA)

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  1. Office of Grants & Contracts Accounting (OGCA) Financial Status Reporting (FSR) using the Award Reconciliation & Review Tool (ARRT) April 15, 2014

  2. Learning Objectives • As a result of participating in this Office of Grants & Contracts Accounting (OGCA) Financial Status Reporting (FSR) using the Award Reconciliation & Review Tool (ARRT) course, you will: • Understand the overall FSR process for Emory University • Understand the role of the Department and OGCA in the FSR process • Know how to use the ARRT April 15, 2014

  3. Agenda • Overview • NIH Payment Process Change • Process Review • Roles and Responsibilities • Using ARRT • Navigation • Practice Examples • Routing and Approval April 15, 2014

  4. Compass: Prerequisite Training Recommendations April 15, 2014

  5. NIH Transition to New Payment Process NIH NOTICE NOT-OD-12-112 Emory UniversityOffice of Sponsored ProgramsOffice of Grants and Contracts Accounting April 15, 2014

  6. What is Occurring? NIH issued a Grants Policy Notice announcing the transition to a new method of drawing down funds on grants designated as “Letter of Credit”. (Most NIH awards are under this designation.) During federal FY14, NIH will begin issuing all new awards under the new system. During federal FY15, NIH will close down all active awards and transition them to a new system for drawdowns. April 15, 2014

  7. FFY14 Transitional Impact FFY14 Transitional • OGCA will be required to draw down via two methods and provide quarterly reports for both methods • Awards will be issued under the new system. Compass modifications are currently being made to support this. These changes will be transparent to the research community. These awards will not appear any differently than other awards received in the past. April 15, 2014

  8. FFY15 Transitional Impact on Awards FFY15 Transitional • For awards received with FFY15 funding that are in the middle of their life cycle, the following will be required: • A FFR (financial report) must be submitted to NIH to close out the year that ends in FFY15. • NIH will issue the next year under the new system (including any unspent funds reported on FFR). April 15, 2014

  9. For Example: FFY15 Transitional • NIH Five year award, 11/01/13 to 10/31/18 • Total funding is $500,000 ($100,000 per year) • Award was issued with typical financial reporting requirements which require an FFR at the end of five years • Year 2 will end in FFY15 on 10/31/14 • Expenditures at the end of year 2 are $180,000 • FFR will be submitted to NIH for the period ending 10/31/14 for $180,000 • NIH will authorize $120,000 for year 3 ($100,00 plus carryover from year 2) April 15, 2014

  10. *Important to note: FFY15 Transitional An additional FFR is only required in transitional year (federal FY 15), so an FFR would be required at the end of 2 and 5. No new grant application is required. This is a financial transition only. If the award was originally issued with carryover authority, special carryover approval is NOT required to move the unspent funds from the transitional period to the continuing award. While we have received no notification from other agencies under DHHS (including CDC, HRSA and others), NIH stated that all agencies under DHHS were mandated to make this change. April 15, 2014

  11. Challenges FFY15 Transitional • New Awards/Projects/Smartkeys will need to be setup for every active DHHS award including all NIH awards. • This results in the need to: • Correct salary records • Modify current sub awards and issue new purchase orders • Update feeder systems • Possibly move expenses between projects • Heavy volume of FFRs and Compass Closeouts requiring significant additional effort from Departmental Administrators, RAS Unit Staff, OGCA and PIs • Approximately 241 more awards will require new setup of award/projects/smartkeys, as well as, reporting and closeout than would be part of normal workload. April 15, 2014

  12. Impacts Beyond the Next Year Ongoing • Increased effort required to drawdown funds. • Funds must be drawn down within 90 days of the end of the award. • Funds are no longer available on 91st day. • FFRs must be submitted on time. April 15, 2014

  13. Other Considerations Ongoing For subawards we receive (with federal pass through funding), we must ensure that all expenses are on project by 30 days and that they are invoiced by 45 days. For subawards we issue, we must ensure that we have final invoice from our sponsors in 45 days. Core Facility and other feeder charges need to ensure that their charges are processed timely and correctly (within 30 days). April 15, 2014

  14. Current Status Due to recent cleanup efforts, there are currently no delinquent financial reports so we can focus on this transition. As part of RAS unit preparation, an electronic tool was developed to assist staff with completing the analysis required at the end of the award. The tool is named ARRT (Award Reconciliation and Review Tool). Training has been developed and is currently available for registration in the LMS. April 15, 2014

  15. Roles and Responsibilities Department Review FSR’s Confirm final reportable financial expenditures with Department. Update the FSR Milestone page. Approve and Submit FSR’s Post Submission: Upload FSR into Compass and the I: drive. Make any necessary budget adjustments to final expenditure amount, final changes to billing limit and make any necessary F&A adjustments. OGCA • Check for No Cost Extensions (NCE) (Final FSR). • Notify OGCA if NCE has been requested and/or approved • If no NCE, review the award terms and conditions and agency guidelines. • Reconcile subcontract balances. • Prepare the FSR package using ARRT • Submit the package for approval to OGCA • Post Submission • Remove Deficits • Process Residuals – transfers or refunds to sponsor • Ensure final reported expenditures = ledger April 15, 2014

  16. Definition/Description • A Financial Status Report (FSR) is a statement of expenditures sent to the sponsor of a grant or contract. It is prepared in collaboration with the department and submitted by the Office of Grants and Contracts Accounting (OGCA) on behalf of the Principal Investigator (PI). • The schedule for submitting required financial reports is generally specified in the award documents of a grant or contract. • FSRs may be due at the end of the Budget Period, Project Period and/or award period normally due within 90 days after the expiration date, and may be required at interim times as well. • A Federal Financial Report (FFR) is required for recipients of federal funds to report the status of funds for grants or assistance agreements. April 15, 2014

  17. FSR Types April 15, 2014

  18. Contract Bill Plan Types April 15, 2014

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