September 16, 2014 1

Office of Grants & Contracts Accounting (OGCA)

Financial Status Reporting (FSR) & Final Invoicesusing the Award Reconciliation & Review Tool (ARRT)

April 15, 20142

Learning Objectives

• As a result of participating in this Office of Grants & Contracts Accounting

(OGCA) Financial Status Reporting (FSR) & Final Invoices using the Award

Reconciliation & Review Tool (ARRT) course, you will:

• Understand the overall FSR/Final Invoice process for

Emory University

• Understand the role of the Department and OGCA in

the FSR/Final Invoice process

• Know how to use the ARRT

3

Agenda

• Overview– Process Review– Roles and Responsibilities

• Using ARRT– Navigation Checklist– Practice Examples

• Routing and Approval

• Using PACT

– Closeout Process

– Practice Examples

April 10, 2015

April 15, 20144

Definition/Description

• A Financial Status Report (FSR) is a statement of expenditures sent to the sponsor of a grant or contract. It is prepared in collaboration with the department and submitted by the Office of Grants and Contracts Accounting (OGCA) on behalf of the Principal Investigator (PI). – The schedule for submitting required financial reports is generally specified in the award

documents of a grant or contract. – FSRs may be due at the end of the Budget Period, Project Period and/or award period

normally due within 90 days after the expiration date, and may be required at interim times as well.

• A Federal Financial Report (FFR) is required for recipients of federal funds to report the status of funds for grants or assistance agreements.

September 16, 2014 5

o Review FSR/Final Invoiceso Confirm final reportable financial

expenditures with Department.o Update the FSR/Invoice Milestone page.o Approve and Submit FSR/Final Invoiceso Post Submission:

o Upload FSR/Final Invoice into Compass and the I: drive.

o Make any necessary budget adjustments to final expenditure amount, final changes to billing limit and make any necessary F&A adjustments.

Roles and ResponsibilitiesDepartment

o Check for No Cost Extensions (NCE) (Final FSR/Invoice).

o Notify OGCA if NCE has been requested and/or approved

o If no NCE, review the award terms and conditions and agency guidelines.

o Reconcile subcontract balances.o Prepare the FSR/Final Invoice package

using ARRTo Submit the package for approval to OGCAo Post Submission

o Remove Deficitso Process Residuals – transfers or refunds to

sponsoro Ensure final reported expenditures = ledger

OGCA

April 15, 20146

FSR Types

Type Description

Interim FSR (IFSR) An Interim FSR is a financial report that covers a specified period (i.e., monthly, semi-annually). Sponsor dictated.

Quarterly FSR (QFSR) A Quarterly FSR is a financial report that covers a 3 month period. Can be calendar quarters or budget quarters.

Annual FSR (AFSR) An Annual FSR is a financial report that typically covers a one-year period.

Final FSR (FFSR) A Final FSR is a financial report that is prepared at the end of an award.

April 15, 20147

Contract Bill Plan Types

CR_LOC Cost-Reimbursable Letter of Credit

CR_NON_LOC Cost Reimbursable NON Letter of Credit

AUTO SCHED PAY Auto Scheduled Payment

SCHED PAY Scheduled Payment

SCHED PAY TASK Scheduled Payments – Task

HYBRIDS Part FIXED fee and Part Cost Reimbursable

CLINICAL TRIALS Used for all awards where the research purpose has been defined as Clinical Trial.

DEPT TO INVOICE

Used for awards where the Department is responsible to bill for items, not on ledger.

OTHER This type represents all other contracts not identified as CR_LOC, CR_NON_LOC, SCHED-PAY, Hybrids, or Clinical Trials.