sponsored project training program grant financial management tools & best practice november 7,...
TRANSCRIPT
Sponsored Project Training Program
Grant Financial ManagementTools & Best Practice
November 7, 2012Sudha Ramaswami
Sponsored Project Administration
Sponsored Project Training Program 1November 7, 2012
Context
2Sponsored Project Training Program
Grant Life Cycle committee & its work
SPTPNew Cost Policy effective
7/1/2012An atmosphere of compliance
and possible reduction in funding
November 7, 2012
Objectives
• Recommend PeopleSoft reports, queries, and pages (tools) for effective grants management
• Review how and when to use these tools
• Discuss resources available for interpreting the data
3Sponsored Project Training ProgramNovember 7, 2012
What you should know….
4Sponsored Project Training Program
Basic understanding of sponsored projects
Familiarity with basic and mid-level PeopleSoft (monthly budget reports, journal entries, expense reports, PurCards, Time & Labor)
Basic Excel usageFinancial forecasting and analytical
skillsAttended previous sessions in this
Sponsored Projects Training ProgramNovember 7, 2012
Best practices recommendations
Sponsored Project Training Program 5
Perform on a monthly basisRun the Project Monthly Budget Report for all
department grantsMonitor for overdrawn or over encumbered projectsReview expenses to ensure they are allowableProvide PIs with a copy of the reportsReview and resolve all budget checking errors
Use either the Closeout Report or query “UV_GM_KK_ERRORS_ALL” (financial module)
Review and submit all journal entries awaiting submission or posting Use either Closeout Report or query
“UV_RC_GL_JE_NOT_SUBMITTED” (financial module)
November 7, 2012
Best practices contd…
Perform on a quarterly basisRun the Closeout Report for all departmental grantsEnsure personnel are not distributed past end date of grant
Use query “UV_DIST_PAST_PROJECT_END_DATE” (HR module)
Compare committed effort to actual effort for both the PI and key personnel
Ensure no effort reductions of greater than 25% of committed effort
Meet with PI to review grant budget status, effort, and upcoming quarter plans
Make prospective distribution changes as necessaryEnsure cost share commitments are met (including third
party)
6Sponsored Project Training ProgramNovember 7, 2012
PeopleSoft Tools
Reports◦Monthly Budget Reports - Projects◦Closeout Report◦Cost Share Summary◦Budget Transaction Detail Report
7Sponsored Project Training ProgramNovember 7, 2012
PeopleSoft ToolsQueries
HCM:◦UV_PAY_ERN_DIST◦UV_DIST_PAST_PROJECT_END_DATE
FINANCIALS:◦UV_GM_KK_ERRORS_ALL◦UV_RC_GL_JE_NOT_SUBMITTED◦UV_GM_FINDINGAWDTHRUREFAWD
◦UV_GCA_PROJ_RESOURCE◦UV_GM_FLVLS_JUSTI_FORM_REQ
8Sponsored Project Training ProgramNovember 7, 2012
PeopleSoft Tools
PagesHCM:◦Dept Budget Table◦Job Data
FINANCIALS:◦Budgets Overview◦Award Profile
9Sponsored Project Training ProgramNovember 7, 2012
MONTHLY BUDGET REPORT – PROJECTS (PMBR)
Navigation: UVM Reports > Budget Reports > Monthly Budget Rpt – Projects
General use◦ Review monthly for budget vs. actuals,
encumbrances, and possible unallowable expenses
The report can be run to excel and therefore the data may be manipulated for personal reports
10Sponsored Project Training ProgramNovember 7, 2012
PMBRRecommended use
◦ Check the ‘Financial Data in XLS’ option and in the output filter for Possible unallowable expense categories Expenses that require possible prior approval
Equipment Foreign Travel
◦ Review for possible rebudgeting See NGA for restricted items Work with PI and PAS administrator for those items requiring
prior approval
◦ Check salary distributions and fringe Review PI and key personnel committed effort Work with PI and PAS administrator for those items requiring
prior approval
Job Aid - http://www.uvm.edu/hrs/?Page=skills/manuals/financialreporting.html 12Sponsored Project Training ProgramNovember 7, 2012
PMBR Report use frequency - monthly It is important to note that the payroll encumbrances
are through UVM’s fiscal year-end (June 30) only, which typically does not match the award end date.◦ Payroll expenses should be projected through the award end date
This report captures only those transactions that have been posted to the General ledger (GL). ◦ Any transaction that has been budget checked but not posted will
not be reflected here.
SPA prepares interim financial reports and invoices based on actuals posted to the GL at the end of a specific accounting period◦ PMBR will reconcile to these reports and invoices
13Sponsored Project Training ProgramNovember 7, 2012
CLOSEOUT REPORT
Navigation: UVM Reports>Closeout Report
General use◦ The best tool to get a comprehensive snap shot of the
project◦ It provides sponsored and cost share budget balances,
lists all the exceptions that need to be addressed and much more
14Sponsored Project Training ProgramNovember 7, 2012
CLOSEOUT REPORTRecommended use
◦ Review the demographic information (in the header of the report)◦ Compare budget to actuals for both sponsored and cost share
chartstrings◦ Review salary encumbrances◦ Journal Entries/Expense Reports/Vouchers/Purchase Orders stuck
in budget checking errors◦ Purcards/Expense Reports with a default chartstring tied to the
project◦ Open Purchase Orders and Requisitions – check to see if
encumbrances are still needed◦ Upcoming Reporting Milestones
Any Interim Reports due Final report due dates
Job aid - https://www.uvm.edu/hrs/?Page=skills/manuals/financial reporting.html
16Sponsored Project Training ProgramNovember 7, 2012
CLOSEOUT REPORTReport use frequency
◦ Run quarterly for all department grants◦ Run 30 days prior to grant expiration and
both 20 and 30 days after grant ends
17Sponsored Project Training ProgramNovember 7, 2012
COST SHARE SUMMARY
Navigation: UVM Reports>Cost Share Summary
General use◦ A snap shot of the mandatory cost share
requirements, budget, and actuals for ongoing monitoring
18Sponsored Project Training ProgramNovember 7, 2012
COST SHARE SUMMARYRecommended use
◦Cost share budget, actuals, encumbrances, and budget balances compared to project start and end date
◦Ensure commitments will be met by the end of the project period
◦Resolve potential overdrafts in cost share chartstrings prior to the end of the project period
Cost Share Business Process & Summary Job Aid◦https://www.uvm.edu/spa/?
Page=costsharingcommitments.html)20Sponsored Project Training ProgramNovember 7, 2012
COST SHARE SUMMARY
◦Report use frequency Run and review quarterly
21Sponsored Project Training ProgramNovember 7, 2012
BUDGET TRANSACTION DETAIL REPORT
Navigation: Commitment Control>Budget Reports>Budget Transaction Detail
General use◦ Research a transaction that may have
posted during a prior accounting period◦ Used as back up for Journal entries◦ Secondary to the Monthly Budget Report -
Projects and should only be used for research
22Sponsored Project Training ProgramNovember 7, 2012
BUDGET TRANSACTION DETAIL REPORT Possible parameters
23Sponsored Project Training ProgramNovember 7, 2012
BUDGET TRANSACTION DETAIL REPORT
Ledger Group Detail KK will return transactions for all the types of projects◦ Ledger group is active effective 07/01/2008
Ledger Group Child2 will return transactions for the old Ledger Group Child1 as well
This report will give the details of transactions that have a valid budget status◦ This will differ from the monthly budget report in all
those cases where the journals/expense reports have not been posted to the General Ledger 24Sponsored Project Training ProgramNovember 7, 2012
UV_PAY_ERN_DIST QUERY Navigation: HR module – Reporting Tools>Query Viewer>
Type in the query name General use
◦ Great tool to review the individuals and the salary on a project
Quick things that can be used to check using this query◦ People distributed to this project/chart string◦ Dollar amount per person◦ Type of pay received (vacation, overtime, etc)◦ Check against Monthly Budget Report – Projects
In order to reconcile with PMBR, the period has to be closed to ensure payroll is posted.
Link to the job aid: http://www.uvm.edu/hrs/skills/manuals/queries.pdf
Query can assist with trouble shooting information in PMBR
25Sponsored Project Training ProgramNovember 7, 2012
UV_DIST_PAST_PROJECT_END_DATE Navigation: HR module – Reporting Tools>Query Viewer>
Type in the query name General use
◦ Lists all people across departments who are distributed to a specific project past the project end date
Things to check◦ Useful at closeout of an award◦ Should be run at least quarterly to find out who is still
distributed to a project◦ Trigger to request a no-cost-extension◦ Trigger to remove people from project – possible
terminations involved (timing of notice, vacation calculations)
26Sponsored Project Training ProgramNovember 7, 2012
UV_GM_KK_ERRORS_ALL
Navigation: Finance module - Reporting Tools>Query Viewer> Type in the query name
General use◦ Lists all budget checking errors as of a particular date
◦ Used by SPA in contacting you to clear certain budget checking errors
◦ Extremely useful during closeouts and at year end
◦ Use this query instead of the project closeout report to get a list of all budget checking errors for all grants in your unit
Can be run by transaction type – Salary journals, regular journals, expense reports or for a particular ledger group – SP_CHILD2 or SP_PARENT for grant related budget checking errors
Run monthly to review and resolve budget checking errors
27Sponsored Project Training ProgramNovember 7, 2012
UV_RC_GL_JE_NOT_SUBMITTEDNavigation: Finance module - Reporting
Tools>Query Viewer> Type in the query name
General use◦ Lists journal entries that have not been submitted
or posted◦ Used by Financial Reporting and Analysis
department during month end◦ This information is also available on the closeout
reportUseful during
◦ Month End ◦ Project close out
28Sponsored Project Training ProgramNovember 7, 2012
UV_GM_FINDINGAWDTHRUREFAWD
Navigation: Finance module - Reporting Tools>Query Viewer> Type in the query name
General use◦Used for locating awards using the
sponsor award number◦A quick way to locate any new awards
or awards that are on Guaranteed Funding/Advanced Account
◦Should be run as needed
29Sponsored Project Training ProgramNovember 7, 2012
UV_PROJ_RESOURCENavigation: Finance module – Reporting
Tools>Query Viewer> Type in the query name
General use◦ Basically an expenses only version of the
Monthly Budget Report – Projects
Monthly Budget Report - Projects includes the details in this query plus budget information. We recommend that you use the PMBR in place of this query.
30Sponsored Project Training ProgramNovember 7, 2012
UV_GM_FLVLS_JUSTI_FORM_REQ Navigation: Finance module - Reporting Tools>Query
Viewer> Type in the query name General use
◦ Query created at the time of cost policy roll out◦ Lists the expenses that are under the categories
which are to be justified – F levels
F6002 – General Supplies & Services
F6020 – Computer Expenses
F6006 – Memberships & Subscriptions
F6320 – Telephone & Telecom
F6301 – Utilities
F6510 – Equipment Maintenance
F6007 – Work orders◦ Gets the data from Ledger
Sponsored Project Training Program 31November 7, 2012
JOB DATA Navigation: HR module - Workforce Administration>Job
Information> Contract Administration> Job Data General use
◦ Provides useful employee information on FTE Department All jobs – includes the Fletcher Allen Healthcare component
and other positions Employment terms Salary plan – bi weekly/semi monthly Changes in compensation
Used for the following circumstances◦ Total compensation determination for effort and cost share
calculations
◦ FTE reporting Used by SPA for American Recovery & Reinvestment Act
(ARRA) reporting
◦ Salary Cap cost share calculations
◦ Provides historical and current information 32Sponsored Project Training ProgramNovember 7, 2012
DEPT BUDGET TABLE Navigation: HR module - Set up
HRMS>Product Related>Commitment Accounting>Budget Information>Department Budget table USA
General use◦ Lists distributions◦ Includes history of distribution changes and date changes
were entered ◦ Used by SPA for American Recovery & Reinvestment Act
(ARRA) reporting
Quick things that can be ascertained◦ Distribution changes on a particular project
33Sponsored Project Training ProgramNovember 7, 2012
BUDGETS OVERVIEW
Navigation: Commitment Control>Review Budget Activities>Budgets Overview
General use◦ Quick snapshot of the project budgets and expenses
including cost share information at any point in time (live)◦ Not used for reports or invoices to the sponsors or for
University financial statements
Quick things that can be ascertained◦ Total budget of the award◦ Expense Categories◦ Chartstrings◦ Estimated budget balance
Can be run for sponsored or cost share chartstrings or both
34Sponsored Project Training ProgramNovember 7, 2012
AWARD PROFILE Navigation: Grants>Awards>Award Profile General use
◦ Provides award demographic information and other helpful details for effective grants management
Gives the demographic info of an award◦ PI name/Co-PIs
◦ Sponsor name
◦ Amount of Funding
◦ Start and End dates
◦ Milestones – Reporting and otherwise
◦ Grant Administrator link
The additional information link that gives a variety of info◦ Cost Share
◦ Related Awards
◦ Any other special terms
35Sponsored Project Training ProgramNovember 7, 2012
RESOURCES
Upcoming classes◦http://
www.uvm.edu/hrs/skills/fullschedulefy13.pdf
SPA websiteLearning Services Skill
development website
36Sponsored Project Training ProgramNovember 7, 2012
Process Questions/Contact infoDean’s Office
Sponsored Project Administrationhttp://www.uvm.edu/spa/
217, Waterman Building85 South Prospect StreetBurlington, Vermont 05405-0160(802) 656-3360 phone(802) 656-8604 fax
37Sponsored Project Training ProgramNovember 7, 2012
Conclusion• Recommended PeopleSoft
reports, queries, and pages (tools) for effective grants management
• Reviewed how and when to use these tools
• Discussed resources available for interpreting the data
Sponsored Project Training Program 38November 7, 2012