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!