Post on 22-Feb-2016
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SPONSORED PROGRAMS: THE REPORTING PROCESS November 1st, 2012
Creation of the Financial Status Report (FSR)
Assigned 45 days before report due date Priority List Cost Reimbursable (invoice) Letter of Credit UM Forms, Sponsor Forms, etc. Closeout Only
Compile FSR FSR Sent to the department
What to look at on the FSR
Expenses Incurred through the end date Ensure our numbers match
Late Charge Analysis Adjustments
Late Charges
Charges which post to the general ledger after the end date of the project
The reporting accountant will perform a high level analysis of late charges Review of Voucher Details Employee Total Pictures Concur Support
Kept unallowable until further documentation can be provided
Late Charges
The department can provide additional documentation to allow expenses
Sufficient documentation includes: Invoices Receipts Purchase Orders Order Confirmations Time sheets for temporary employees
Amount that is unallowable, will show up on TSF Memo Expenses that have
been transferred, will not show up on TSF memo
Total Allowed on FSR
Late Charge Analysis
Unallowable Late Charges
Non-Payroll Expenses Provide chartfields on Transfer Memo
Payroll Expenses Regular Employees- create a DBE Temporary Employees- create journal entry with Effort
Re-Certification Form
Adjustments
Adjustments vs. Late Charges Non-Payroll Adjustments Documentation which indicates final purchase price
along with date ordered Sufficient: Invoices and Receipts Not Sufficient: Purchase Orders, Requisitions and
Quotes
Adjustments
Payroll Adjustments Copy of DBE or Effort Re-Certification Form Retroactive payroll adjustments from a prior fiscal year
will not be accepted if the employee has already certified their effort
A direct benefit explanation is needed for all adjustments which have previously posted to a different account
Tips for a Successful Closeout/Inactivation
End all employees effort as of the last day of the project period
End all recurring expenses as of the last day of the project period
Refer to Sponsored Closeout Checklist Journals Provide direct benefit explanation Provide explanation why expense wasnt charged to the
correct place initially Expense is over 120 days, provide memo which explains:
Why the expense wasnt transferred sooner What steps are being enacted to prevent this in the future
Further Information
If you should have further questions after the presentation or would like Sponsored Programs to present an in-depth presentation about the reporting process please contact:
Derek Martin demarti@umich.edu (734) 615-1776 Or Deb Talley dtalley@umich.edu (734) 647-3794
Questions?
Thank You!