1. Financial Closeout Reminders OSR Post-award School of Medicine Team February 11, 2009

2. 2 Overview  Closeout Under New Strategy (reminder)  Closeout Timeline  What OSR Research Accountants do  Escalation process Hold Up Closeout  Issues that Hold Up Closeout  What the Departments can do to help closeout timely  Wrap up

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4. 4 Departmental Pre-Expiration Review Slot Departmental Post-Award Review Slot AWARD END DATE + 90+ 60+ 30 days– 30- 60 Advance Close Notif. On-Time Final Reports All project time extension requests should be submitted On-line Exp Statement Printed Exp Statement Continue review & I-Journals OSR Close Slot 14 days + ~75 Initial Review & I-Journals On-line Exp Statement Printed Exp Statements Last day for changes or to provide evidence of an agency-approved time extension On-line Exp Statements Last opportunity to check for errors (on-line expenditure statement date + 2 working days) Summary of Closeout Schedule (awards with reports due 90 days after end date) Set up Early Acct on Renewal Post Final Expenses Close Notif. Request No-Cost Extension Finalize review & I-Journals Email From OSR Acct 60 day After Notif. 75 day After Notices OSR/Unit Interaction Week 1 Week 4 Week 9 Week 7 Week10 Week 11

5. 5 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 4 th week, RAs contact departments, identify any possible closeout issues  Beginning of 7 th 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

6. 6 About OSR escalation process  End of 7 th 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 9 th week, if no response or action taken from the dept., Accounting Manager escalates to Associate Director  End of 11 th week (75 days of the award end), If no response, Associate Director escalates to OSR Senior Director

7. 7 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

8. 8 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

9. 9 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

10. 10 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

11. 11 Helpful info.  For details about the closeout notifications and process, go to: http://ora.stanford.edu/ora/osr/close_out/closeout_forms.asp 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 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 officers For No Cost Time Extensions, please contact: Cathi Blackwood at 724-3038, e-mail: cathib@stanford.edu

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13. 13 Let’s work together closely to make closeout process smoother for everyone!

14. 14 Questions:  Francine Davis phone:5-8123 email: francine.davis@stanford.edu  Yani Zhang phone:3-9227 e-mail:yani@stanford.edu  Marian Wu phone:5-0082 marianwu@stanford.edu

15. 15 Thank you!