1. “SPEAR” WORKSHOP O CTOBER 19 & 30, 2015 TIFFANY FAHEY & JESSICA LAMBDIN C LOSEOUTS

2. Tracking sponsored projects end dates FSU_SP_GM_PROJ_INFO7 FSU_SP_CA_PROJ_DEPT

3. Financially Closed Debit and Credit balances are zero for accounts 1xxxxx-3xxxxx 112xxx- Cash 155000- Accounts Receivable 155001- A/R Unbilled 168xxx- Employee Advance 27xxxx- Assets  276000- Furniture and Equipment 311xxx- Accounts Payable 389400- Deferred Revenue

4. Timeline Youtube https://www.youtube.com/watch?v=mYyepB-w6N4https://www.youtube.com/watch?v=mYyepB-w6N4

5. Closeout Process Before the end of the award an email is sent to PI and Department contact with steps to prepare for award closeout  Ensure all appropriate expenditures have been posted to project  Clear encumbrances as soon as possible  Subcontracts-make sure all work has been completed and we have received the final invoice  Cost-Share – make sure all expenses have posted correctly and you have submitted proper documentation XX days after award end date – final report/invoice is due to agency  Federal – generally 90 days  Federal flow-through – generally 45-60 days as prime is most likely due in 90 days  Non-Federal – see terms and conditions  Closeout process begins at the proposal stage!

6. PI/Department Responsibilities Notice to SRA of intention to request extension Notice to SRA if a renewal is coming  Depending on timing – may need Amendment in Advance Reconcile project ledgers – this should be done monthly  All costs incurred relate to project  Identify unallowable – E.g. office supplies, postage  Identify costs that need to be posted to the project  Cost transfer policy still applies!  Correct account code errors  Subcontract invoices received and paid timely

7. PI/Department Responsibilities Ensure all cost share expenditures have posted or are documented for your Post-Award Coordinator (including tuition & confirmation letters from 3 rd parties) Heightened scrutiny during last 90 days – spending towards the end of the project needs to make sense! Once project ends (E date) transactions are limited  Encumbrances will pay out  New requisitions, unencumbered payments, DOLs, p-card charges or T-Auths will be rejected  If legitimate project expenditures need to post – work with SRA Accounting Coordinator

8. Encumbrances What are the encumbrances? Payroll  Where will personnel be appointed after project ends? Subcontracts  If final invoice has been received/paid remaining encumbrance should be released What will the F&A be on encumbrances and will this cause an over run? Clear Encumbrances (OBI  Financial Reports  Transaction Details  the Encumbrance tab)  Expenses must be “liquidated” (paid) before they can be included on final invoice/report  Move cost overruns – cannot be moved to another sponsored project!  Transfer/return property –  OMNI Financials query FSU_SP_DPT_AM_ASSETS1  Property PC 213 form

9. Overruns Transfer amount from project to non-sponsored source of funds  Your Post-Award Coordinator will contact you with further instructions Transfer specific expenditures  Possible Cost Transfer issue  Retroactive Distribution of Funding for Personnel  Departmental Online Journal Entry form for non-personnel

10. Final Invoice/Report SRA Coordinator will prepare final invoice/report before due date  PI/Sponsored Project Manager must sign off (approval)  Approval = Certification that expenditures reported are complete, for appropriate purposes, and in accordance with the terms and conditions of the award documents  SRA will submit final report/invoice to the agency as needed

11. What Happens in myFSU? After final report/invoice is reviewed  Project status is changed to Semi-Closed (S date) When all invoices have been paid, property moved, and the trial balance is clear, the project will be closed  Project status is changed to Closed (C date)  KK budget is closed – Stops all future charges to project Our goal is to get all projects closed in myFSU within 180 days of the award end date

12. Property Who retains ownership of equipment?  FSU or Sponsor? Transfer Property to another chartfield combination  Property Change Form PC 213

13. Fixed Price Residuals All outstanding invoices must be paid and property cleared prior to distribution of residual If >15% or >$25,000 residual funds are remaining  PI must provide a justification for the large balance  Charges posted to another source  If posted to another sponsored award it is NOT Allowed and will have to be moved

14. Timeline

15. Common Closeout Issues Estimated Final Financial reports  Expenditures that post late/ not accounted for in final report Assets not transferred from sponsored projects Accounts Payable Employee Advances

16. Is Your Project Ready to Close?  Encumbrances cleared?  All expenditures have posted?  Assets transferred to another source of funds?  Accounts 1xxxx-3xxxxx on trial balance are zero

17. Jessica LambdinTiffany Fahey 850-644-8946850-644-8658 jlambdin@fsu.edujlambdin@fsu.edu tfahey@fsu.edutfahey@fsu.edu