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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 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 • Increases fiscal accountability • Review and certification of expenditures
Why do we have a closeout process? • Equipment tags are confirmed • Reminders provided to: • Change payroll set-up • Discontinue monthly lab expenditures • Disclose inventions
Reconciling Items Allowable expenditures that can be entered as reconciling items: Posted after month end Have not posted Allows for expenditures to be removed
Certification • IMPORTANCE: • Must complete for compliance • Must be answered honestly • Consequences if not completed
Certification Working the Closeout