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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:

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Office of Grants & Contracts Accounting (OGCA)


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office of grants contracts accounting ogca

Office of Grants & Contracts Accounting (OGCA)

Closeouts using the Projects & Award Closeout Tool (PACT)

learning objectives
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
agenda
Agenda
  • Overview
    • Closeout
    • Roles and Responsibilities
  • Identifying Awards for Closeout
    • Closeout Checklist
    • Custom 15 Report
    • PACT
  • Routing and Approval
  • Closeout Timeline
prerequisite closeout training all
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
what is closeout
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.)
closing projects vs awards
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
ras department roles and responsibilities
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.
ogca roles and responsibilities
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’.
a closer look at closeout
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
let s review
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?
useful links
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