Grant Cradle to Grave - Closeout

Cradle to Grave: Cradle to Grave: Federal Financial Report (FFR) 2 SPSS reviews the grant, prepares the FFR draft and s the FFR draft to the department within 30 days of the budget end date. SPSS and the department will work together in reviewing the FFR draft and preparing the reconciliation worksheet. If the FFR is a final report, the grant will need to be closed before its is submitted to the sponsor. For SOM, the rolling 12 month on-time rate has increased from 47.8% in 2012 to 63.2% in 2013 to 81.0% 2014!

FFR: FFR: Rev-Exp Summary Report & Worksheet 3 Run a Rev-Exp Summary Report from Business Warehouse (BW). Sponsored Projects --> Transaction --> Rev-Exp Summary Hint: Remember to exclude revenue sponsored classes (4*) and cost sharing sponsored programs (98*)

FFR: F&A Analysis 4 F&A Analysis is performed for the project period and the current period

FFR: Draft FFR 5 SPSS will the department the Draft FFR within 30 days of the budget end date

FFR: Reconciliation Worksheet Run a GM Actuals Report from BW. Sponsored Projects --> Transaction --> GM Actuals Run a Summary of Gross Salary (Combined) Human Resources--> Finance Admin -- > Summary of Gross Salary (Combined) 6

FFR: Final FFR Closeout If the FFR is a final report, the grant will need to be closed before its is submitted to the sponsor. To close a grant, the following must occur: – Both Expenses and Billed Revenue (Cash Collected + Open Receivables) equal final amount on the FFR – The correct amount of F&A is applied the grant – All open encumbrances are cleared from the grant ***The process of removing an open encumbrance may take a view days, please review all open encumbrances when a final FFR draft is received to ensure the FFR is submitted on-time*** 7

Due 90 days following the expiration or termination of support Processed through Commons by PI Tech Transfer reviews for accuracy Submitted by Authorized Official Final Invention Statement and Certification

Questions 9