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Business and Financial Policies and Procedures

Frequently Asked Questions

Q. Why are we submitting final reports and closing awards within 90 days?
A. The Uniform Guidance requires that all federal award reports be issued within 90 days from the project end date. For awards with letter of credit drawdowns, all cash draws must be made prior to the 90-day period and reconciled to the amounts reflected on the final financial report. Cash draws after the 90-day period will require the submission of adequate supporting documentation and, probably, agency approval in order for the funds to be received. Note that some sponsors, such as the NIH and NSF, have elected to extend their reporting deadlines to 120 days. Sponsor policy and award terms and conditions should be consulted for submission deadlines.

Q. We always continue to charge salary costs to the expired award until the renewal award is received. Will this be allowed under the Uniform Guidance?
A. No, this practice is never allowed. An anticipation account should be requested for the renewal award. 

Q. As a service center, we usually allocate charges to sponsored awards on a quarterly basis. Is this procedure still acceptable?
A. Due to the closeout timeline, service centers are required to allocate cost on a monthly basis. Failure to allocate the charges in accordance with the guidance provided in this policy, will compromise our ability to collect from the sponsor and therefore may result in the charges being transferred against a state, institutional, or gift account due to late posting on the sponsored awards. As a Business Manager, be mindful of service center billing dates to ensure charges are posted by the end of the project and future charges are suspended in a timely manner.

Q. How can we as a PI and unit business office comply with the policy of closing awards within 90 days?
A. Monthly review and reconciliation throughout the life of the project facilitate the project closeout within the required timeframe. The PI is responsible for ensuring that all costs charged to a grant are reasonable and allowable with the assistance of the unit business office. The PI should request timely corrections for any cost deemed unallowable for any reason, including posting errors.

Q. An error was discovered after the final financial reports have been submitted to the sponsor, and the award terminated in Banner (the University’s financial systems). Can we or should we correct this error?
A. If the sponsor was overcharged due to the error, then the account will be reopened, the credit processed, and a refund issued to the sponsor. If the sponsor was under-charged (i.e., a late subcontractor invoice was received), then sponsor-specific guidelines will be applied. That is, only if the sponsor allows for the correction and is willing to pay for the costs, will GCO reopen the project for the business unit to post the costs.

Last Updated: May 20, 2015 | Approved: Senior Associate Vice President for Business and Finance – May 20, 2015

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