Final Reporting ProcessFinal Reporting Process

Presenter:

Kris CainManager, Reporting Division

kacain@iu.edu812/856-3028

Highlights:Highlights:

◦Departmental Notifications Preparing for project closeout Timing of ORA notifications Recipients Information provided Actions required

◦Account Close

Types of NotificationsTypes of Notifications

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

90-Day Account Expiration Notice 90-Day Account Expiration Notice ((NNEEOONN))

◦ Delivered 60-90 days prior to account expiration◦ Provides guidelines for account review

◦ Delivered to: Fiscal Officer / Account Delegate / Project Director – (future)

◦ Info Provided: Account # Account Title Project Director Account Expiration Date

1st alert to begin preparing account for final reporting

Is your house in order?Is your house in order?

Review balances Large balances – Were charges applied elsewhere? Overdrafts – If all costs applicable, notify ORA with a departmental account to

cover OD Cost share – Will the project meet the obligation?

Review effort Run labor reports and ensure personnel/effort is reflected correctly

Review & resolve expenses outside grant period Ensure that the agency allows for 90-day pre-award costs Prepare to move salaries that post after expiration quickly

Review encumbrances Close old encumbrances Contact vendors if payment not yet appearing

Review Practice Plan payments

Review subcontracts Proper allocation (object code review) Check on late billings

Email Notification at ExpirationEmail Notification at Expiration◦ For accounts with agency-required reporting◦ Email sent @ expiration date of account

◦ Delivered to: Fiscal Officer/Account Delegate / Project Director – (future)

◦ Info Provided: (attached excel file) Account # Expiration Date Project Director Agency Name Grant # Budget Balance (award budget – actual expense) Report Due Date Account Delegate Financial Analyst & email

2nd alert! Account is expired, all corrections must be resolved soon.

Final Report Preparation NoticeFinal Report Preparation Notice Sent by first 5 business days of the month the financial report is to be

prepared

Alerts department of date all transactions must be finalized◦ Including all expenses outside grant period that need to be moved off◦ Overdraft resolution

Failure to respond does not delay report submission

After preparation, report is submitted to agency, copy to FO and PI◦ Report no longer sent to departments to pre-review

Delivered to:◦ Fiscal Officer / Account Delegate / Project Director

Info Provided:◦ Account #◦ Date report due at agency◦ Date final KFS documents must be posted

Anything posted after this date will not be included

Key points to remember on 3Key points to remember on 3rdrd notice:notice: Anything posted after this date will not be

included in the report to the agency

This is the last opportunity to make corrections!

Any unresolved issues will be addressed by ORA via a TF to the departmental continuation acct.

The account will be reviewed, report will be prepared/submitted to the agency.

Reports are no longer sent to departments for review prior to submission.

Final Report NotificationFinal Report Notification Email notification

Accompanied by a copy of the final report that was submitted to the agency

Delivered to:◦ Fiscal Officer / Account Delegate / Project Director

Info Provided:◦ Account #◦ Final reported amount◦ Agency refund amount (if applicable)◦ Overdraft amount (if applicable)

NO CHANGES CAN BE MADE AT THIS TIME

Account CloseAccount Close

Following report submission:

◦ Budget will be aligned with final reported amount

◦ Encumbrances will be closed

◦ Remaining unallowable expenses will be resolved by ORA via a TF utilizing the dept. continuation.

Overdrafts Effort Unallowable expenses Expense outside grant time period

Account is closed

Examples of notice sequences Examples of notice sequences - - Agency Agency report deadlines may very with each agreementreport deadlines may very with each agreement

(sample account with an expiration date of 12/31/14) (sample account with an expiration date of 12/31/14)

Sample Agency

90 – Day

Neon

Expiration

Email Notice

Final Report Notice

Final KFS Post Date

Final Report

Preparation

Report Due Date

Riley30 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 – High Education60 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

RecapRecap 90-day Account Expiration Notice

◦ Review grant activity closely Email Notification at Expiration

Expenses outside grant period Ineligible expense Overdrafts Confirm effort Subcontract payments

Final Report Preparation Notice◦ Pay attention to the “final post date”◦ This is the last opportunity to make corrections

Final Report Notification◦ Remaining issues are resolved with a TF to departmental

continuation Account Closed

How has process aided How has process aided submissions?submissions?

How has process aided How has process aided submissions?submissions?

Questions?Questions?

Questions & Additional TrainingQuestions & Additional Training

Kris CainManager, Financial DivisionOffice of Research AdministrationIndiana University509 E. 3rd StreetBloomington, IN 47401-3654

Telephone (812) 856-3028Fax (812) 855-9943E-mail kacain@iu.edu