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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. 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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  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?

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