Grant Closeouts presented by Jessica Rosen

1. Grant Closeoutspresented by Jessica Rosen Prepared by Terry Shoebotham, CPA Business Management Specialist In collaboration with: HSC Contract & Grant Accounting Main Campus Contract & Grant Accounting 10/13/08

2. Grant versus Fund What is the difference?

3. Accounting Structure Grant Code XXXXX Fund 1 Index 1 Index 2 Fund 2 Index 1 Fund 3 Index 1 Index 2 Index 3 Note that each grant has one or more funds. Each fund within the grant has one or more indices.

4. Grant Closeout • Program completion • Progress Reports and other required documentation completion • Banner accounting reconciliation and closure • for each index • in each fund for the entire grant

5. Grant Closeout Grant Code XXXXX-Status “C” Fund 1-FROE Index 1-closed Index 2-closed Fund 2-FROE Index 1-closed Fund 3-FROE Index 1-closed Index 2-closed Index 3- closed Note that each grant has one or more funds. Each fund within the grant has one or more indices. When a grant is closed, all indices within each fund are closed. Each fund title is changed to begin with “FROE”. Then the grant is closed. All reports and other documents are due.

6. Fund Closeout • A grant may require a new fund for each year it is in operation. • A new fund is opened, and as of a certain date, all grant expenses are charged to the new fund/index. • The old fund/index is no longer used for future charges.

7. Fund Closeout Grant Code XXXXX-Status “A” Fund 1 FROE Index 1 -closed Index 2 -closed Fund 2 Index 1 Fund 3 Index 1 Index 2 Index 3 Note that In this example, Fund 1 has been closed. Funds 2 and 3 remain open. The indices in Funds 2 and 3 continue to receive expenses for the grant.

8. Why Close a Grant or Fund Immediately after it Ends? • Decrease your workload • Remain on good terms with your sponsor • Remain in compliance with Federal regulations

9. Workflow Process

10. Department Closeout Duties STEP ONE: • When you get a workflow email stating that your fund is ending, you need to determine whether or not this is correct.

11. Department Closeout Duties - Determining What is Ending: • Read your Notice of Grant Award. This will tell you when the grant ends. • If you have a SNAP award [Streamlined Non Competing Application Process] the fund should be extended if the grant is not ending.

12. Department Closeout Duties - Determining What is Ending: • For Health Science Center grants, look in FRAGRNT under the User defined tab. It may say “has Expanded Authority”, “Doesn’t have expanded authority”, or “Budget period needs new index”. • Discuss with PI to determine status. • Ask your Fiscal Monitor.

13. If the Grant is continuing, but the fund is ending: • Find out the status of the new fund for the grant. • Move all recurring expenses. • Review all expenses.

14. If the Grant is Ending: • Move recurring expenses to a different index • Remove all (unused) encumbrances • Review all expenses • Move in or out expenses that need to be moved

15. Will there be a Loss? • F&A can be a significant expense. If you need to move or add expenses to your grant before it can be closed, F&A may change. • To avoid a loss in a cost reimbursement grant, do not allow your direct expenses to exceed your direct cost budget. Direct expenses are all expenses in all accounts except 89Z0 – F & A Expense.

16. Will there be a Loss? • With Fee for Service contracts or grants: • Your revenue is dependant upon the services provided. • If costs exceeded the revenue for the services provided, there will be a loss.

17. Will there be a Loss? • When you are unsure: • Of accurate F&A • If the contract or grant has a loss for any other reason Check with your Fiscal Monitor

18. Are related reports/documents complete? • PI submits progress report directly to sponsor • Documents are submitted as required • The account administrator documents in workflow that this has been done • The Fiscal Monitor sends the Reconciliation Form and patent if applicable to the department for completion

19. Is it Closed Yet? • Some Banner Screens that will help: • FRAGRNT • FGITBSR

20. FRAGRNT

21. FGITBSR

22. FGITBAL

23. Contract & Grant Closeout Duties - One Touch Process:

24. One Touch Process: • Do monthly reconcilements on each grant • Keep all grant information organized and up to date in folders • Near Grant end, proactively move recurring charges (remember to move Telephone charges!) • Pick up the Reconciliation Form ONE TIME and complete it

25. Contract & Grant Closeout Duties - • Closeout begins with your returned Reconciliation Form • Checklists

26. Department Closeout Checklist Grant /Contract___________ Principal Investigator __________________________ Fund __________________ Dept. Closer _________________________________ Index __________________ Completed (sign & date) _______________________ End Date _______________ Reviewed (sign & date) ____________________________

27. Contract & Grant Closeout Duties - Some C&G Closeout Duties: • Check for Unallowable Expenses • Correct F&A if necessary

28. Contract & Grant Closeout Duties - Some C&G Closeout Duties: • Record the residual balance or loss • Close the grant or fund • Submit financial & Patent report when required

29. Examples: • Completed HSC Reconciliation Form • FRIGITD • FGITBSR • Completed Main Campus Reconciliation Form • FTMACCI • FRIGITD • FGITBAL

30. Completed HSC Rec. Form = $26,348.79

31. FRIGITD = $26,348.79 = Actual Expense Total

32. FGITBSR

33. FGITBAL

34. Completed MC Rec. Form

35. FTMACCI

36. FRIGITD

37. FRIGITD

38. FGITBAL – is this fund closed?

39. More Examples: • FRIGITD – Looking at grants with multiple funds • FTMFUND – Looking at grants with multiple funds

40. FRIGITD

41. FRIGITD

42. FTMFUND

43. FTMFUND

44. Questions?