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UGA Restricted Account Management and Closeout May 10th, 2007

UGA Restricted Account Management and Closeout May 10th, 2007. Session Objectives. Improve communication between Contracts & Grants and Business Managers / Departmental Administrators concerning effective account management and closeout procedures.

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UGA Restricted Account Management and Closeout May 10th, 2007

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  1. UGA Restricted Account Management and Closeout May 10th, 2007

  2. Session Objectives • Improve communication between Contracts & Grants and Business Managers / Departmental Administrators concerning effective account management and closeout procedures. • Identify central and departmental issues that delay preparation of financial reporting and closeout. • Discuss best practices to minimize delays • Share examples of closeout procedures and documents

  3. Your Restricted Accounts How can I manage my accounts more effectively? Who benefits from good account management? Why do I need to know how to read the account status report? What’s with the strict deadlines? When do I need to have everything in? Where do I go if I need help?

  4. Knowing how to read the account status reports • Cash Position (above double lines) A5 • Budget – Expenses – Balance (below double lines) • Are Facilities & Administration Costs (F&A) calculating correctly? • How much do I have left to spend?

  5. Is IDC calculating correctly? • UGA Expenses 204,074.15 D3 • UGARF Portion 14,180.92 D4 • Total Expenses 218,255.07 • Less F&A 65,232.72E7 • Total Direct Costs 153,022.35 • Less Equipment 10,281.17 E6 • Modified TDC 142,741.18 • Multiplied by F&A% .457 • Verified F&A 65,232.72

  6. Example of rebudgeting operating expense into equipment 5,000.00 Amount moving into equipment from operating X .457 F&A rate 2,285.00 Total F&A to be rebudgeted 2,285 / 1.457 1,568.29 direct costs 716.71 F&A - You’ll have $1,568.29 more to spend on the account!

  7. How much money is left to spend on my account? • Total Budget 302,300.00 B1+B10 • Less Total Expenses 218,255.07 D3+D4 • Total left to spend 84,044.93 • Less F&A 26,361.38 • Total Direct Charges left to spend on account 57,683.55 (84,044.93 / 1.457)

  8. How much money do I have to move off my account? • Total Expenses 304,300.00 • Less Total Budget 302,300.00 • Total amount overbudget 2,000.00 • Less F&A - 627.32 • Total Direct Charges to move off account 1,372.68 (2,000.00 / 1.457)

  9. Monitoring Cost Share • When BA is first received, check to see if any cost share needs to be done. • Check budget to identify exact charges needed to be cost shared. • Create personnel setting up % of salary to post to cost share account. • “GIT-R-DONE” early.

  10. Monitor Unallowable object codes 51140 – Overtime 71401 – Entertainment 71410 – General Office Supplies 71420 – Postage 76932 – Cellular

  11. Other Items • Transfer any unrelated expenses timely (<90 days) • Apply for No-Cost extensions on time • Process Award Pendings if you expect an extension or more funding on an award.

  12. Account Closeout • 90 days for most Federal Grants • 90 day, 60 day, 45 day, 30 day, 15 day finals or as specified in the award document. • 60 days for all other unspecified final invoices.

  13. Purchasing at the end of the project • Pay attention to month end / year end deadlines. http://www.busfin.uga.edu/accounting/finclsh.pdf • Equipment purchased in last 90 days.

  14. JVs and PARs • Fax copy of JV or PAR that has not posted • JVs over 90 days need PIs signature • JVs can’t be done for charges over 1 year old • PARs can only go back one year • If overdrafted, be careful in moving charges to another restricted account. (Must benefit account).

  15. Justification on Cost Transfers • Appropriate justification entails: - When the error was discovered - What the charge was for - Why the charge was incorrectly made - How it specifically relates to the restricted account to which it will be transferred.

  16. Obligations • All obligations need to be zeroed out • Provide invoices / PARs for charges not yet posted • Contact the Travel & Encumbrances section of Accounts Payable to deobligate all outstanding obligations.

  17. Budget • Contract & Grants will take care of down budgeting all unspent funds. • Department needs to down budget 51110, 51111, 51112, 51113 & 51120 object codes.

  18. Fixed Price Agreements • If there are funds left over in a fixed price agreement, department needs to submit a Residual Balance Form to Sponsored Programs. http://www.busfin.uga.edu/contracts_grants/residual%20balance%20request.doc • After RBF is submitted and approved, if the balance is >$500 account will be extended for two years and if <$500 the remaining funds will be moved into the departmental 950 account.

  19. Other clean up items • E-mail confirmation (including final amount) for account to be closed. • No charges posted after the ending date unless previously obligated, i.e. bi-weekly pay • Move off charges that have posted after the final report is completed. • Zero out account by 120 days

  20. How can we help?Office of Sponsored Programs • Extensions • Additional Funding • OMB Exceptions • Rebudgeting • http://www.ovpr.uga.edu/

  21. How can we help?Contracts & Grants • Questions regarding account status reports • Verification of indirect costs • Justification for computers • Allowable / Unallowable expenses • http://www.busfin.uga.edu/contracts_grants/

  22. Summary • Check F&A regularly • Monitor required cost share • Remember the agency’s deadlines • Make sure charges / PARs / JVs that post at the end of the grant, benefit the project. • Feel free to contact us with any questions.

  23. Contact Information • Brad Langford Senior Accountant Contracts & Grants Division langford@uga.edu 706-227-5397

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