Financial Closeout Reminders

1. Financial Closeout Reminders OSR Post-award School of Medicine Team February 11, 2009

2. Overview Closeout Under New Strategy (reminder) Closeout Timeline What OSR Research Accountants do Escalation process Issues that Hold Up Closeout What the Departments can do to help closeout timely Wrap up

4. Summary of Closeout Schedule (awards with reports due 90 days after end date) AWARD END DATE - 60 – 30 + 30 days + 60 + ~75 + 90 Departmental Pre-Expiration Review Slot OSR Close Slot 14 days Departmental Post-Award Review Slot Initial Review & I-Journals Continue review & I-Journals Finalize review & I-Journals Set up Early Acct on Renewal On-line Exp Statement On-line Exp Statement On-line Exp Statements Request No-Cost Extension Printed Exp Statement Printed Exp Statements Post Final Expenses Email From OSR Acct OSR/Unit Interaction 60 day After Notif. 75 day After Notices Close Notif. Advance Close Notif. On-Time Final Reports Week 4 Week 7 Week10 Week 1 Week 9 Week 11 All project time extension requests should be submitted Last opportunity to check for errors (on-line expenditure statement date + 2 working days) Last day for changes or to provide evidence of an agency-approved time extension

5. What OSR Research Accountants do: • Start closeout process after Award Closeout Notification sent out • Run reports, review expenses to ensure compliance with sponsor & University policy and requirement • Beginning of 4th week, RAs contact departments, identify any possible closeout issues • Beginning of 7th week, RAs send reminders to departments, verify and help resolve specific closeout issues, such as overdraft, unallowable expenses, and other closeout issues • Continue closeout process

6. End of 7th week, RA escalates to Accounting Manager if no response or action taken from the dept. Accounting Manager involves in helping resolve closeout issues by contacting the dept. End of 9th week, if no response or action taken from the dept., Accounting Manager escalates to Associate Director End of 11th week (75 days of the award end), If no response, Associate Director escalates to OSR Senior Director About OSR escalation process

7. What Departments can do to help closeout timely: • Keep accurate financial records – monthly and quarterly Expenditure certifications must be up to date • Review monthly expenditure statement - identify and transfer out unallowable expenses timely • Work with AP and ensure sub-award invoices get paid timely • Contact OSR Contract Officer or RMG for additional fund or no time cost extension approval • Submit early/extended PTA requests to OSR timely if expecting next year’s funding • Respond to OSR RA regards to closeout awards timely to avoid escalations

8. Common Issues that Hold Up Closeout • Late cost transfers • Unallowable charges • Overdraft not cleared in a timely manner • No PI effort reflected on the award • Equipment charge below $5K threshold • Late submission of final invoice from the sub-recipient • Pending renewal award • Lack of department responses

9. How to Avoid these Common Issues? • All of the above issues could be avoided if awards are monitored closely during the life of the project • Timely review and transfer unallowable expenses during quarterly expenditure statement review • Contact OSR Contract Officer or RMG for any pre-award issues in a timely manner, e.g. expecting additional funding or no cost time extensions

10. ReminderNo Cost Time Extensions (NCTE) Policy: Awards closed within 90 days of the project end date If PI expects for next year’s funding or NCTE: Please submit an early/extended PTA request form to OSR in a timely manner

11. Helpful info. • For details about the closeout notifications and process, go to:http://ora.stanford.edu/ora/osr/close_out/closeout_forms.asp • To get the early/extended PTA form:http://ora.stanford.edu/ora/osr/award_initiation_pta_setup/pta.asp#38 • For Cost Policy Guide Memo 34.5: http://adminguide.stanford.edu/34_5.pdf • For pre-award issues on contracts or subcontracts, please contact your assigned OSR contract officers For No Cost Time Extensions, please contact: Cathi Blackwood at 724-3038, e-mail: cathib@stanford.edu

13. Let’s work together closely to make closeout process smoother for everyone!

14. Questions: • Francine Davis phone:5-8123 email:francine.davis@stanford.edu • Yani Zhang phone:3-9227 e-mail:yani@stanford.edu • Marian Wu phone:5-0082 marianwu@stanford.edu

15. Thank you!