Clarity Accuracy Consistency OGC Financial Reports Clarity Accuracy Consistency RAF 9/13/07

Overview When grant specialists provide updates on grant accounts you will be provided with these three reports. Financial Report: Redesigned cover page which provides all relevant information Account Budget Report: Updated design rolls expenses into the budget subcodes which match the University levels Personnel Detail: Report which shows all salary information which is relevant to the account including salary history

Header Purpose: To provide basic demographic information about the grant Highlight: First line is the date which corresponds to University levels to which the report is balanced Major Change: Prior year’s account number will now be listed or SNAP

Direct Cost Balance Purpose: To provide the direct cost balance or projected deficit for the current budget period Highlight: Report addresses projected unobligated percentage for your reference Major Change: Notification of 120 day closing window will be noted

Sub-Accounts and Subcontracts Purpose: To provide information on all accounts which are held outside of WPIC Highlight: Ability to calculate all outside WPIC obligations for the grant Major Change: Ability to view subcontract and sub-account obligations on the cover page

Sub-accounts & Subcontracts The current period NGA direct cost budget includes the budgets for sub-accounts and subcontracts. The projected direct cost balance assumes that the total budget amounts of sub-accounts and subcontracts will be completely expensed by the end of the current budget period. If you are expecting a large available balance on the subcontracts or sub-accounts by the end of the current budget period, please contact your Grants Specialist.

Comments & Questions Purpose: To provide clarification and pose relevant questions Highlight: This area will be used to communicate essential facts with you Major Change: All comments will indicate actions and dates when they have occurred or are expected to be taken in the future

Purpose of Accounting Report The accounting report replaces the breakdown report and all other reports which were used in the past This report greatly increases the clarity of the information for the reader by rolling up all expenses into the budget subcodes The budgets in this report will match the latest NGA but may not match the levels; if not this will be indicated in the comments section PI’s and administrators can easily determine the amount remaining for each budget category or identify overspent categories Accuracy is increased because of internal changes in the procedure of uploading the data into our financial systems

Rules for Encumbrance Salaries and Fringe Benefits: Projected at the current level of effort through the current budget period Contracted Services Agreements & Subcontracts: for the total amount of the obligation. Office Supplies: when over $ 200.00 Miscellaneous Supplies: when over $ 500.00 Travel and Business: when over $ 500.00 Participant Payments: all the budget amount Expense Drivers: Expenses that have a large budget or are significant and/or repetitive amounts. These expenses are based on each particular project and its major areas of expenditure. We calculate the average and encumber them to the end of the grant. Everything is encumbered in the last Four (4) Months of the Grant.

Conclusion Goal: To provide updated tools to ensure that each grant is reported and managed more clearly, accurately, and consistently Outcomes Salaries are distributed properly on reports Sub-account and subcontract balances are available Increased awareness of action items such as overdrafts or closings Reports will be available on a more timely basis