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Sponsored Programs Services. Termed Accounts. Topics. Recognition of Term Date Awareness of Financial Deliverable Termed Accounts Letter Notification Taking Action to Balance Accounts Subcontracts, sub accounts, commitments, etc. Notification to SPS Accountant SPS Actions and Procedures
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Sponsored Programs Services Termed Accounts
Topics • Recognition of Term Date • Awareness of Financial Deliverable • Termed Accounts Letter Notification • Taking Action to Balance Accounts • Subcontracts, sub accounts, commitments, etc. • Notification to SPS Accountant • SPS Actions and Procedures • Cost Share Documented
Recognition of Term Date andAwareness of Financial Deliverable • Look to your award • Refer to the Award Summary Sheet
Notice of Termed Accounts Letter Please Return To Sponsored Funds at EHP
Notice of Termed Account • Review accounts • Return to SFA with closing instructions • Return to SFA with copy of extension
Take Action to Balance Account • Submit adjustment forms to Payroll • Notification to Faculty account is closing • Notify Telecomm/CIT of change • Complete Purchase Orders
Sub-Accounts and Subcontracts • Clear advance balances • Check Subcontract account • Clear commitments • Did Account have Program Income ? • Complete Cost Share
Notify SPS ASAP • No need to wait until you get a statement with a zero balance; notify SPS accountant how the account will close • Get PI’s permission to return unexpended balances
SPS Actions and Procedures • Once the account is reconciled to zero, SPS goes through Closing Procedures
SFS Review of Analysis Statements • Look for misused object codes • Make sure travel is within guidelines • Move off all Misc. Exp. NONRECOV. • Check if equipment is allowable