1 / 15

Office of Grants & Contracts Accounting (OGCA)

Office of Grants & Contracts Accounting (OGCA). Closeouts using the Projects & Award Closeout Tool (PACT). Learning Objectives. As a result of participating in this Office of Grants & Contracts Accounting (OGCA) Closeout course, you will:

alissa
Download Presentation

Office of Grants & Contracts Accounting (OGCA)

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Office of Grants & Contracts Accounting (OGCA) Closeouts using the Projects & Award Closeout Tool (PACT)

  2. Learning Objectives As a result of participating in this Office of Grants & Contracts Accounting (OGCA) Closeout course, you will: • Understand the overall Closeout process for Emory University • Understand the role of the RAS/Department Unit and OGCA in the Closeout process • Know how to complete the process associated with reconciling awards for Closeout

  3. Agenda • Overview • Closeout • Roles and Responsibilities • Identifying Awards for Closeout • Closeout Checklist • Custom 15 Report • PACT • Routing and Approval • Closeout Timeline

  4. Prerequisite Closeout Training All: • Research at Emory (RAE): Days 1, 2, and 3 • Accounting Basics • Reporting Basics • Inquiry and Query Basics • Managing Sponsored Projects 1 • Managing Sponsored Projects 2 • Financial Status Reporting using the Award Reconciliation & Review Tool (ARRT) Training

  5. What is Closeout? • Closing of an award that has ended and will no longer be continued (or funded); this includes awards that are relinquished • All projects associated with the award are closed and all Smartkeysare inactivated • All funds are received and AR is zero • Budget equals expenses • Final financial reports have been submitted (FFR, FSR or Invoice) • All other award-related reports have been submitted (Final Invention Statements, etc.)

  6. Closing Projects vs. Awards What is Project Closeout? • Closing of individual projects, tied to an award, that have ended (award can still be ongoing) • Expenses on ledger match FSR and/or Final Invoice • Project SmartKey inactivation What is Award Closeout? • Closing of an award that has ended, including all projects • Expenses on ledger match FSR and/or Final Invoice • Accounts Receivable - all cash for the award has been collected from the Sponsor • All projects are ended and all Smartkeysinactivated • Contract Billing Limit and Budgets are adjusted to FSR or Final Invoice

  7. RAS/Department Roles and Responsibilities • Run the Emory Custom 15 Report • Populate PACT • Review, verify and clear: • Deficits • Refunds/Residuals • Encumbrances • Budget = Expenses • Complete the Closeout Checklist • Add necessary documentation, including PACT, as attachments • Send to appropriate OGCA Team Helpdesk • Milestones: • RAS units need to create & update the Closeout Milestone to “In Progress” in Compass once they begin the closeout process.

  8. OGCA Roles and Responsibilities • Upon notification from Department, create & update the Closeout Milestone to “In Progress” in Compass. • Adjust the award billing limit and budgets to match final reported expenditures • Review, verify and clear: • Budget = Expenses • Expenses = BLDs • Bill/DEF • Expenses = Revenue • Cash • Unbilled AR • Billed AR • Open AR • Inactivate project SmartKey(s) and notify RAS/Department. • Upload documents into Compass and the I: drive. • PACT • Closeout Checklist • Update Closeout Milestone to ‘Complete’.

  9. Closeout Timeline – Final FSR Required

  10. Closeout Timeline – Final Invoice Required

  11. Closeout Timeline – No FSR/Final Invoice Required

  12. A Closer Look at Closeout • Step 1: Accessing the Closeout Workload Query • Step 2: Run the Compass EUOGC015 • Step 3: Import the EUOGC015 to PACT • Step 4: Analyze and make appropriate adjustments

  13. Let’s Review… • When are Final F&A adjustments made? • When are budgets adjusted? • Do my expenses and budgets have to match for project closeout? • Can I request SmartKey inactivation before the residual balances are transferred? • Is the AR zero if the sponsor is due a refund? • When does the closeout process happen? • When should you request SmartKey inactivation?

  14. Useful Links • OGCA Website – http://www.ogca.emory.edu • OSP Website – http://www.osp.emory.edu • NIH Closeout – http://grants.nih.gov/grants/guide/notice-files/not99-136.html • Emory University Policies (All Finance Related Policies) - http://policies.emory.edu • COMPASS Online Reference Guide – http://compass.emory.edu • FORMS http://www.ogca.emory.edu/forms/index.html >> Closeout • PACT • Closeout Checklist Form • OGCA Team Helpdesk - http://www.ogca.emory.edu/about/departmentlist.html

  15. Are there any questions?

More Related