1. Sponsored Financial Reporting - What a Department Needs to Know

2. Responsibilities Sponsored Financial Reporting is responsible for: Managing the external financial reporting and invoicing requirements of sponsored University research projects Collection of sponsored accounts receivable and processing letter of credit draws and cash application Financial system close outs of sponsored projects Managing A-133, federal, state, and sponsor audits of sponsored projects and institutional quarterly/annual reporting

3. Responsibilities Where do “I” as an Academic Department person fit in? You have a role or potential role Can depend on the situation

4. Structure of SFR SFR has four distinct areas within the unit Non Federal Area – Kerry Marsolek Federal Area – Tonya Knutson Account Receivable Area – Marjorie Nebo Financial System Data Analysts – Mark Rova, Mary Gorder, Michelle Kevelin

5. Where do I fit in? Invoice & Report preparation Interim Email with the invoice/report and transaction detail, no departmental review prior to submission Monthly, quarterly, annually Pick up all expenses that hit the sponsored project during the invoicing/reporting period

6. Where do I fit in? Final or Budget Period End Email with the draft invoice/report and transaction detail including those transactions not included on the invoice/report SFR will include as many transactions as we can identify are for the period using tools available (Imaging, FFN, U-stores, DTEX). Email with the final version of the final report/invoice and transaction detail Timely turn around to meet sponsor deadlines

7. Where do I fit in? Cost Share Reporting Reportable Non Reportable Sub-Contracts Outstanding invoices Modifications No cost extension Carry forward approvals Incremental funding Continuations Supplements

8. Where do I fit in? Accounts Receivable & Collection Monitor open receivables, request update “Behind the scenes” assist in collections, knowledge sharing If you know something about the sponsor or project that is the reason for non payment, quality/quantity issues, etc. notify SFR If an invoice is unpaid due to late or missing deliverables work with PI to ensure compliance

9. Where do I fit in? Financial System Closeout Removal of overdrafts 90 days after the final report/invoice submission – UNCR policy Fixed price transfers Returning/deobligating unspent funds Closing open encumbrances

10. Where do I fit in? Audits Single Federal A-133 (annually) http://www.controller.umn.edu/ http://www.controller.umn.edu/ Sponsor Federal State Institutional Reporting Quarterly Annually

11. Goals Effectively communicate with academic departments, sponsors and other grants management offices Accurate and on time submission of reports & invoices to sponsors Current receivables and timely closeouts Accurate institutional reporting and effective system and G/M oversight

12. Resources! http://www.controller.umn.edu/SFR/sponsored_r eporting.htm Sponsored Financial Reporting website Sue Paulson spaul@umn.edu 612-624-5007