Financial Closeout Reminders

OSR Post-awardSchool of Medicine Team

February 11, 2009

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OverviewOverview

Closeout Under New Strategy (reminder)Closeout Under New Strategy (reminder) Closeout TimelineCloseout Timeline What OSR Research Accountants do Escalation process Issues that Hold Up Closeout Hold Up Closeout What the Departments can do to help What the Departments can do to help

closeout timelycloseout timely Wrap upWrap up

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DepartmentalPre-Expiration

Review Slot

Departmental Post-Award Review Slot

AWARD END DATE + 90+ 60+ 30 days– 30- 60

AdvanceCloseNotif. On-Time

Final Reports

All projecttime extension requestsshould be submitted

On-line Exp Statement

Printed Exp Statement

Continue review & I-Journals OSR CloseSlot

14 days

+ ~75

Initial Review & I-Journals

On-line Exp Statement

Printed Exp Statements

Last dayfor changesor to provide evidence ofan agency-approvedtime extension

On-line Exp Statements

Last opportunityto check for errors(on-line expenditurestatement date+ 2 workingdays)

Summary of Closeout Schedule(awards with reports due 90 days after end date)

Set up Early Acct on Renewal

Post Final Expenses

CloseNotif.

Request No-Cost Extension

Finalize review & I-Journals

EmailFrom

OSR Acct

60 dayAfterNotif.

75 dayAfter

Notices

OSR/Unit Interaction

Week 1

Week 4

Week 9

Week 7Week10

Week 11

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What OSR Research Accountants do:What OSR Research Accountants do:

Start closeout process after Award Closeout Notification sent out

Run reports, review expenses to ensure compliance with sponsor & University policy and requirement

Beginning of 4th week, RAs contact departments, identify any possible closeout issues

Beginning of 7th week, RAs send reminders to departments, verify and help resolve specific closeout issues, such as overdraft, unallowable expenses, and other closeout issues

Continue closeout process

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About OSR escalation process

End of 7th week, RA escalates to Accounting Manager if no response or action taken from the dept.

Accounting Manager involves in helping resolve closeout issues by contacting the dept.

End of 9th week, if no response or action taken from the dept., Accounting Manager escalates to Associate Director

End of 11th week (75 days of the award end), If no response, Associate Director escalates to OSR Senior Director

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What Departments can do to help closeout timely:What Departments can do to help closeout timely:

Keep accurate financial records – monthly and quarterly Expenditure certifications must be up to date

Review monthly expenditure statement - identify and transfer out unallowable expenses timely

Work with AP and ensure sub-award invoices get paid timely

Contact OSR Contract Officer or RMG for additional fund or no time cost extension approval

Submit early/extended PTA requests to OSR timely if expecting next year’s funding

Respond to OSR RA regards to closeout awards timely to avoid escalations

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Common Issues that Hold Up Closeout

Late cost transfers Unallowable charges Overdraft not cleared in a timely manner No PI effort reflected on the award Equipment charge below $5K threshold Late submission of final invoice from the sub-

recipient Pending renewal award Lack of department responses

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How to Avoid these Common Issues?

All of the above issues could be avoided if awards are monitored closely during the life of the project

Timely review and transfer unallowable expenses during quarterly expenditure statement review

Contact OSR Contract Officer or RMG for any pre-award issues in a timely manner, e.g. expecting additional funding or no cost time extensions

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Reminder

No Cost Time Extensions (NCTE)

Policy:Awards closed within 90 days of the project end date

If PI expects for next year’s funding or NCTE:Please submit an early/extended PTA request form to OSR in a timely manner

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Helpful info.

For details about the closeout notifications and process, go to: http://ora.stanford.edu/ora/osr/close_out/closeout_forms.asp

To get the early/extended PTA form: http://ora.stanford.edu/ora/osr/award_initiation_pta_setup/pta.asp#38

For Cost Policy Guide Memo 34.5:http://adminguide.stanford.edu/34_5.pdf

For pre-award issues on contracts or subcontracts, please contact your assigned OSR contract officersFor No Cost Time Extensions, please contact:Cathi Blackwood at 724-3038, e-mail: cathib@stanford.edu

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Let’s work together closely to make Let’s work together closely to make closeout process smoother for closeout process smoother for everyone!everyone!

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Questions: Francine Davis

phone:5-8123 email:francine.davis@stanford.edu

Yani Zhangphone:3-9227e-mail:yani@stanford.edu

Marian Wuphone:5-0082 marianwu@stanford.edu

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Thank you!Thank you!