Search

Grants Finance & Operations

Reporting

Final Report Process Overview:

  • 90-day Account Expiration Notice
  • Email Notification at Expiration
  • Final Report Preparation Notice
  • Final Report Notification
  • Account Close

90 Day Account Expiration Notice (Green Neon)

  • Delivered 90 days prior to account expiration via email to Fiscal Officer and KFS doc type Account Delegates
  • Notice is to advise department to review account for the following in preparation for the final report:
    • Allowable expenses
    • Overdraft reconciliation
    • Finalizing encumbrances
    • Final subcontractor invoices

C&G Monthly Operating Statement – No Payroll Accruals (FIS & KFS) - has sub-account breakdown

C&G Accumulated Monthly Operating Statement – No Payroll Accruals (FIS & KFS) - combines all sub-accounts

Email Notification at Expiration

  • For accounts with agency-required reporting
  • System generated email delivered upon account expiration to Fiscal Officer, KFS Doc type Account Delegates, and Project Director
  • Notification will include account balance, final financial report due date, and Financial Analyst contact information
  • Notice is a follow-up to advise department to review the account
    • Review Balances
      • Large balances – were charges applied elsewhere that need to be transferred?
      • Overdrafts – if all costs are applicable, provide ORA with departmental account to cover overdraft.
      • Cost share – have all expenses been applied to ensure the project meets the obligation?
    • Review Account(s)
      • Run labor reports and ensure personnel/effort is reflected correctly
      • Verify allowability and allocability of all costs.
    • Review & Resolve Expenses Outside Grant Period
      • Ensure that the agency allows for 90-day pre-award costs if you have applied expenses prior to the project start date
      • Prepare to move expenses that items received after expiration.
    • Review Encumbrances
      • Close old encumbrances
      • Contact vendors on any outstanding invoices
    • Review Practice Plan Payments
    • Review Subcontacts
      • Proper allocation (object code review)
      • Follow-up on late invoices

C&G Monthly Operating Statement – No Payroll Accruals (FIS & KFS) - has sub-account breakdown

C&G Accumulated Monthly Operating Statement – No Payroll Accruals (FIS & KFS) - combines all sub-accounts

Final Report Preparation Notice

  • Email notification from Financial Analyst
    • Sent by the 5th business day of the month in which the final report is due to the Fiscal Officer, KFS doc type Account Delegate, and Project Director
    • Notice will reflect an expenditure “final post date”.  All expenses must be fully routed and posted to the account by this deadline to be included in the final report
      • Notice will provide department with at least 10 business days in the month in which the report is due to review and reconcile account before final report is submitted
      • If the final report due date is a shortened time frame, ORA will split the time with the department equally.  Example: Report is due on the 15th of the month, the “final post date” would be the 7th
  • Things to Remember:
    • Any expenditure posted after the “final post date” will not be included in the final report to the agency
    • This is the last opportunities to make corrections and book applicable expenses to the account
    • Any issues remaining after the final post date will be resolved by ORA via a transfer of funds document utilizing the departmental continuation account
    • The account will be reviewed, and the report will be prepared and submitted to the agency.
    • There is no longer a step for “sign-off by the department.  The review period is the department’s opportunity to reconcile expenditure activity.

Notice Delivery Sequence:


Sample Agency
90 – Day Neon Expiration
Email Notice
Final Report Notice Final KFS Post Date Final Report
Preparation
Report Due Date

Riley – 30 day grace

10/10/14

12/31/14

1/1/15/-1/5/15

1/14/15

1/15/15-1/31/15

1/31/15

State/Higher Ed – 60 day grace

10/10/14

12/31/14

2/1/15 – 2/5/15

2/14/15

2/15/15 – 2/28/15

2/28/15

NIH – 90 day grace

10/10/14

12/31/14

3/1/15/- 3/5/15

3/14/15

3/15/15 – 3/31/15

3/31/15

Final Report Notification

  • After the final report has been submitted to the agency, an email notification will be sent to the Fiscal Officer, KFS doc type Account delegates, and Project Director that includes a copy of the final report
  • Upon submission of the final report any unresolved unallowable expenses or overdrafts will be managed through a Transfer of Funds Document utilizing the designated departmental account
  • No changes may be made to the account at this time

Account Close

  • After submission of the final report the Financial Analyst will prepare the account for close
    • Reduce budget to match final expenditures reported
    • Close encumbrances
    • Transfer of funds to cover overdrafts and unallowable expenses
    • Confirm that full payment has been received
    • Close Account
RASD | Browser Recommendations | Webmaster | IU Emergency System | Big 10 Data | Office Information | Site Map