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Project Monitoring Expenditure Review to Closeout

Project Monitoring Expenditure Review to Closeout. Tamara Lucas University of Maryland School of Medicine Departments of Pathology and Medical & Research Technology. Aimee Howell UMBC Office of Contract and Grant Accounting. Monitoring Rate of Expenditures

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Project Monitoring Expenditure Review to Closeout

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  1. Project MonitoringExpenditure Review to Closeout Tamara Lucas University of Maryland School of Medicine Departments of Pathology and Medical & Research Technology Aimee Howell UMBC Office of Contract and Grant Accounting

  2. Monitoring • Rate of Expenditures • Excessive spending near the end of project • Unexpended funds at the end of project • Request for Carryforward • Subawards • Cost Sharing • Overspending

  3. It all begins with the Budget • Remember your cost principles • Reasonable • Allowable • Allocable • Budget Justification

  4. Documenting Expenditures • Direct benefit • Source documentation • Receipts with enough detail to support the charge • Written explanation of HOW the expense benefitted the project

  5. Reconciliation • Ask are expenses: • What you expect • In line with budget • Needed to be removed • Within Period of Performance • How often • Monthly, quarterly?

  6. Cost Transfers • A cost that is originally placed on an account is certified for allowability, allocability tests and direct benefit to a project • A cost transfer invalidates that original certification

  7. Transfers…What’s the problem? • Inadequate explanation/justification for cost transfer (e.g., “to correct error”) auditors love this • Transfers between two Federal projects that clears a deficit off one of the projects • Salary transfers (think of the implication on effort reporting)

  8. Budget Revisions • Change in • Scope • Key Personnel • PI effort • Identify need for • Subawards • Equipment • Re-budgeting • No Cost Extensions

  9. Closeout • Reaching the termination date of a project does not signal the end of institutional responsibilities. • Adjustments to project costs can be made after termination and audit • Records must be maintained for a minimum of three years. (State, institutional or contract terms may be longer). • Keeping things longer can be risky

  10. Sequestration • Expenditure rate • Timely invoicing • ARRA funding • September 30, 2013 completion • Super “OMNI” Circular

  11. Questions/Comments!

  12. Aimee Howell ahowell@umbc.edu (410) 455-5572 Tamara Lucas tlucas@som.umaryland.edu (410) 706-8170

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