Dear Research Administrators,
Extramural Fund Management (EFM) is pleased to announce that the enhanced procedure for Financial Closeout of Sponsored Projects is now available on the EFM website.
As shared at Research Administration Forums during the last year, the new procedure was developed to improve timely submission of final financial deliverables to the sponsor and to ensure full recovery of costs incurred for sponsored projects in compliance with Sponsor’s and University’s policies and guidelines. The procedure is now effective starting January 1, 2017 as previously announced.
Key changes in the enhanced procedure for Financial Closeout of Sponsored Projects include:
- Closeout packet reminder in addition to three existing fund expiration notifications will be sent to Principal Investigators and Research Administrators reminding them of fund expiration and a due date for submitting a financial closeout packet to EFM.
- EFM will proceed with submitting final financial deliverables to sponsors based on EFM’s analysis of expenses recorded in the general ledger even when a closeout packet is not submitted to EFM in order to ensure recovery of payments for incurred costs.
- Award administering units will be required to submit a revision request form to EFM with an explanation and a corrective action plan when a revision of the final financial deliverable is requested.
To be in compliance with Sponsor’s requirements and to ensure full recover of allowable and allocable costs, it is essential that the University properly monitor, record, reconcile and report costs in a timely and accurate manner in accordance with University Policy 910: Management of Sponsored Projects. Costs that are not recorded timely or properly will be at risk for non-reimbursement by sponsors.
More information and procedure document can be found on the EFM website. If you have questions, please contact me or your EFM accountant.
Sincerely,
Yoon Lee
Director, EFM