Financial Award Administration

Financial Management of Sponsored Research is a collaborative process and is necessary in order to meet sponsor requirements and minimize audit findings for the institution.  Department Administrators should perform a monthly review of expenditures on each research award to ensure that all expenditures are appropriate. If errors are discovered they should be corrected within 3 months of discovery.  OGCA personnel will review expenditures and reconcile each award when invoices or reports are submitted to the sponsor and at final closeout.  If there are any questionable items OGCA will contact the department for correction or documentation to support the appropriateness of the expense.

Division of Responsibilities

OGCA Responsibilities

Department Responsibilities

Contract/Award Setup

  • Update system with payment information
  • Set up / adjust contract limits
  • Review award terms; activate award
  • Review NOA  - check for restrictions and cost share requirements
  • Notify OSP if there are any errors

Active Life of Award

  • Submit invoices (non-Clinical Trial)
  • Obtain dept. balance confirmation on submitted FSR's
  • Submit interim FSR's
  • Submissions require a review of expenditures, budget, cash and F&A
  • Review and report cost share, if required
  • Manage collections on $ due to the University
  • Manage allocation of funds received; Follow up on outstanding payments; Alert department admin if payment outstanding more than 90 days.
  • Prepare LOC Quarterly Reporting
  • Process requests for Holds, SK inactivation, additional projects, unfreeze requests
  • Process adjustments to budgets and carryforward budgets
  • Allocate expenses appropriately
  • Insure only appropriate & allowable expenses are charged to the project
  • Remove those that are not
  • Obtain CAS exceptions when necessary
  • Insure Clinical Trial Invoices are submitted
  • Set up and review monthly payroll distributions and expenses
  • Manage Cost Share if required
  • Manage Program Income if required
  • Review ledgers monthly
  • Journal any expense that hits in error
  • Clear suspense items
  • Certify effort; Submit RST's for salary adjustments
  • Review expenditures and balance available with PI
  • If necessary, ask for NCTE (no cost extension) 30 days prior to the end date

Final FSR or Invoice

  • Review NOA's & NGA's - budgets and restrictions
  • Review expenditures
  • Review and report Cost Share if required
  • Review Program Income if required
  • Once closeout approval from the department is received, review documents – justifications, sponsor forms, final figures, any adjusting entries
  • Communicate questionable items to department
  • Reconcile F&A
  • Determine final expenditure amount
  • Confirm final amount with department
  • Complete sponsor forms as required
  • Complete FSR / Invoice
  • Submit for approval
  • Put project on Hold – to insure no further expenditures can hit
  • Submit Final to sponsor
  • Scan copy into e-files
  • Review expenditures
  • Review any restrictions and insure they are handled appropriately
  • Complete sponsor forms as required
  • Notify feeder systems of alternative source/smartkey when necessary
  • Work with AP to clear encumbrances
  • Journal off any unallowable expenses
  • Complete RST's for labor adjustments
  • Insure that expense and exceptions are well documented
  • Reconcile F&A
  • Confirm all effort has been certified
  • Calculate final expense to be reported to sponsor
  • Submit closeout to OCGA 60 days* after termination date

Closeout

  • Confirm that Compass = GL = FSR for expenditures
  • Communicate discrepancies to the department
  • If residual balance, determine if it should be sent back to the sponsor or transferred to the department as residual balance
  • OGCA will transfer deficits to a departmental account where there is an overage of expenditures based on final amount reported to sponsor and notification to the department
  • process return checks to sponsor and transfer residual balances if/when appropriate approvals are in place
  • Insure system has processed all billable items
  • Insure all cash is collected
  • Inactivate Smartkey and close
  • Notify OGCA when expenditures have been finalized and project is ready to close out
  • Determine deficit or residual balance
  • If deficit, inform OGCA where deficit should be transferred
  • If residual balance exists, work with OGCA Accountant to determine if return to sponsor or allowed to transfer to unrestricted research fund
  • Obtain School level approval for residual balances, if required

*60 days is based on a 90 day after termination final report due date.