Lunch & Learn Sponsored Research Basic Financial Management

1. Lunch & LearnSponsored ResearchBasic Financial Management

2. Today’s Agenda • Sponsored Research Resources • Federal OMB Circulars • Sponsored Research Financial Policies • Spending Funds • SRAS Transaction Review • OMNI Overview • Available Balance in OMNI • OBI Reports • Upcoming Events

3. Web Resources(Bookmark these websites) • Office of Researchhttp://www.research.fsu.edu/ • Division of Sponsored Researchhttp://www.research.fsu.edu/contractsgrants/index.html • Staff Contact Information • Policies and Procedures • Forms • Funding Resources • Email/Newsletter Services (we recommend registering for these list serves) • Training Information • Sponsored Research Accounting Services http://www.research.fsu.edu/sras/ • Compliance Resources

4. Web Resources (Bookmark these websites) • Controller’s Office http://www.vpfa.fsu.edu/control/ • Departmental OMNI Queries • General Accounting • Payroll Services • Property Accounting • Travel • Office of Graduate Studies http://gradstudies.fsu.edu/ • Tuition Waiver Information (Funding & Awards) http://www.gradstudies.fsu.edu/Funding-Awards/Tuition-Waivers-and-Fees • Tuition Waiver Policies and Procedures • Have to log into Blackboard

5. Web Resources(Bookmark these websites) • Purchasing http://www.purchasing.fsu.edu/ • Human Resources http://hr.fsu.edu/ • OMNI Service Center (Help) • Newly implemented CRM system • Module within OMNI • OMNI Potal • FSU Service Center • OMNI Training http://omni.training.fsu.edu/ • OMNI/System Access information http://omni.training.fsu.edu/OMNI-Human-Resources/OMNI-Security

6. SRS AKA Pre-Award Funding Opportunities Proposal Review & Submission Cost Share Approval Award Negotiation & Execution Award Generation Amendments Final Technical/Inventions Reports SRAS AKA Post-Award/ C&G - Accounting Project (inc Cost Share) Budget Setup/Contract Setup Transaction Review and Approval Rebudgeting Billing and Financial Reporting, including Final Financial Reports

7. Federal OMB Circulars • OMB Circular A-21 • Cost Principles • Direct vs. Indirect • Cost Accounting Standards • OMB Circular A-110 • Administrative requirements/systems • OMB Circular A-133 • Audit requirements • Flows down to subcontractors • Cost Accounting Standards • DS-2 Statement • Describes FSU’s costing practices

8. Sponsored Research Financial Policies/Procedures • http://www.research.fsu.edu/contractsgrants/policypro.html • Advances • Participant Support Costs • Program Income • Cost Sharing • Unallowable Costs • Cost Transfers • Fixed Price Residual Funds • Sub recipient Monitoring • Sponsored Research Email Notices • http://www.research.fs.edu/contractsgrants/subscribe.html

9. Spending Funds • Personnel Costs Encumbered– HR/Payroll • Graduate Waivers – Graduate studies • Not encumbered • Non Personnel Costs • Purchasing Encumbrances – SR Exemption • Accounts Payable • Unencumbered Payments • Non-Duty Stipends • Research Participant Payments • Travel/Expense Reports • Journal Entries – General Accounting • Interdepartmental Requisition (IDR)

10. SRAS Transaction Review • All personnel appointments • Including Retroactive Distribution of Funding (RDF) transactions • Cost transfer policy applies when moving charges onto/between a sponsored project! • Requisitions >= $1,000 • Expense reports >= $1,000 • Pay requests >= $1,000 • All stipend requests – spreadsheet uploads • All journal entries • Cost transfer policy applies when moving charges onto/between a sponsored project • Interdepartmental requisitions (IDR) >= $1,000 • Automated uploads not reviewed by SRAS • All subcontracts/subcontract invoices

11. Compliance Evaluation Criteria • Chartfield Information • Dept ID, Fund Code, Project Number • Authorized Signature • Sponsored Project Manager or PI • Co PI – PI must authorize expenditure approval • Performance Period • Goods or Services received and consumed within Dates of Award period • Available Balance • Direct Cost Funds available for Expense by budget category line item • Account or Job Code • Appropriate for nature of expense • Allowable • Terms and Conditions support expense • Reasonable and Necessary • Allocable – amount charged benefited project proportionally

12. OMNI Overview

13. OMNI Ledgers Actuals Projects Commitment Control • Updated Nightly • F&A Calculations • SRAS Invoices and Reports • Updated Nightly • Official book of record • Monthly Ledgers • Real Time • Budget Checking

14. Parent Direct Child 700001 Indirect Child 780300 Cost Share Child 700001 “Child” Budget Checking The “Child” must have sufficient available balance for a transaction to “pass” budget checking

15. Available Balance in OMNI • Commitment control ledger (KK) • Real time ledger • Transactions post to KK as budget check runs • Project ledgers • KKGMPAR (Total Budget) • KKGMCHD (Direct/Indirect/Cost Share) • Available Balance Instructions – See Job Aids • Queries available: • FSU_SP_KK_DTL_EXP_PROJ • FSU_SP_KK_DTL_ENC_PROJ

16. OBI Reports • Balances are one day old • Running HR/GL Detail OBI report • Provides employee data for a particular payroll period • Can look up by dept. ID, fund, project, employee and/or journal ID • Job Aid at http://omni.training.fsu.edu/ under OBI Reports • Encumbrance detail for personnel • Run query FSU_ENCUMBRANCE_DETAIL_BO

17. Upcoming Events • Lunch & Learns (now certificate series!): • Award Negotiation & Processing, October 12 • Advanced Financial Management, October 19 • FACET Summer Cycle Opening – October 7 • Training will be offered soon! • CReATE – November 3-4 • On-site Training Available • You name the topic! • We will show up!

18. Roberta McManus Associate Director, SRAS 850-645-2485 rmcmanus@admin.fsu.edu