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Effective Termed Accounts Management: Procedures and Actions for Financial Balances

Learn how to recognize term dates, balance financial deliverables, and efficiently manage termed accounts. Follow step-by-step actions to ensure correct account closure and proper documentation.

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Effective Termed Accounts Management: Procedures and Actions for Financial Balances

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  1. Sponsored Programs Services Termed Accounts

  2. Topics • Recognition of Term Date • Awareness of Financial Deliverable • Termed Accounts Letter Notification • Taking Action to Balance Accounts • Subcontracts, sub accounts, commitments, etc. • Notification to SPS Accountant • SPS Actions and Procedures • Cost Share Documented

  3. Recognition of Term Date andAwareness of Financial Deliverable • Look to your award • Refer to the Award Summary Sheet

  4. Financial Report is Due • 

  5. Notice of Termed Accounts Letter Please Return To Sponsored Funds at EHP

  6. Notice of Termed Account • Review accounts • Return to SFA with closing instructions • Return to SFA with copy of extension

  7. Take Action to Balance Account • Submit adjustment forms to Payroll • Notification to Faculty account is closing • Notify Telecomm/CIT of change • Complete Purchase Orders

  8. Sub-Accounts and Subcontracts • Clear advance balances • Check Subcontract account • Clear commitments • Did Account have Program Income ? • Complete Cost Share

  9. Notify SPS ASAP • No need to wait until you get a statement with a zero balance; notify SPS accountant how the account will close • Get PI’s permission to return unexpended balances

  10. SPS Actions and Procedures • Once the account is reconciled to zero, SPS goes through Closing Procedures

  11. Pre-closeout

  12. SFS Review of Analysis Statements • Look for misused object codes • Make sure travel is within guidelines • Move off all Misc. Exp. NONRECOV. • Check if equipment is allowable

  13. Final Closeout

  14. THE END

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