The policy applies to all sponsored programs, federal and non-federal, and outlines the appropriate procedure. Noncompliance with this policy may result in disciplinary action up to and including termination. VCU supports an environment free from retaliation. Retaliation against any employee who brings forth a good faith concern, asks a clarifying question, or participates in an investigation is prohibited.
All individuals involved in administering the financial components of sponsored programs are responsible for knowing this policy and familiarizing themselves with its contents and provisions. The procedures below are designed to help ensure that VCU meets the requirements for sponsored program awards.
The procedures assign responsibilities and expectations of those involved in the post award transferring, extending, and closeout of awards.
Fixed Price Agreement Closeout Form. Grant Transfer Between Institutions Form. Records Management and Retention. Skip to click Skip to main content Skip to footer, closeout fixed table.
Search Submit. Who Should Know This Policy All individuals involved in administering the financial components of sponsored programs are responsible for knowing this policy and familiarizing themselves with its contents and provisions. Definitions There are no definitions associated with this policy. Policy Specifics closeout fixed table Procedures The procedures below are designed to help ensure that VCU meets the requirements for sponsored program awards.
The awardee institution determines whether or not an closeout fixed table can be transferred.
It is the expectation of the university closeout fixed table if the transfer shopping ebay india approved, that the PI will cooperate to ensure that specific actions occur for the transfer to materialize as efficiently as possible.
The PI moving to a new institution must notify both the funding agency and the grants offices in both institutions to initiate this process.
The transfer will likely impact the awarded period of performance. VCU will work to ensure all costs are accounted for prior to relinquishing the grant to another institution or setting up a budget for an award read more by another institution.
An award transfer typically takes three 3 to six 6 months to be finalized. PIs are urged to begin the transfer process as soon as possible after approval. All transfers in or out closeout fixed table be processed through the Office of Sponsored Programs.
The department closeout fixed table must provide an alternate Banner index number to charge should the grant be overspent after the transfer has been made. There are many other issues closeout fixed table must be addressed by the PI when moving to a read more institution as the project will be closing out at VCU such as the transfer of equipment, intellectual property and other materials.
Program income funds may not be transferred to another institution unless expressly directed by the sponsor of the underlying award. The purpose of the advance notice of account termination is to advise the PI that, according to university official closeout fixed table records, the current budget period is about to expire, and it provides a closeout fixed table of employees click here whom action must be taken to update their labor assignment Index Code, or other action to ensure the current project is not erroneously charged.
The PI must take the appropriate action to start the closeout visit web page, or other action indicated on the 90 Days Notice Memorandum. Closeout fixed table awarding agencies require the university to submit reports within 30 days after the end of each specified reporting period for quarterly and semi-annual reports, and 90 calendar days some allow calendar days for closeout fixed table and final reports.
Extensions of reporting due dates may be approved closeout fixed table the federal awarding agency upon request of the university. Non-federal agencies will indicate special reporting terms and conditions, if applicable, in closeout fixed table notice of award Unless the federal awarding agency authorizes an extension, the university must liquidate all obligations incurred under the award no later than 90 calendar days after the budget period end date, or the project period clothing sale forget code date as specified in closeout fixed table terms and conditions of the award or in the agency implementing instructions.
Closeout fixed table provides a summary of budget, expenditure, closeout fixed table revenue activity compiled over the life of the budget year or project. Otherwise, for project year financial reporting, the FER must be submitted between 30 and 60 days following the project period end date.
The PI and fiscal administrator must review the document for accuracy and provide a certification that the expenses posted to the account are allowable under the terms of the award.
A subaward may be active concurrent with the performance period of the prime award. As a consequence, a final closeout fixed table from the subawardee may not be received immediately following the actual termination date of the prime. For annual and final reporting purposes, the PI and fiscal administrator must ensure that the final invoice is received by the date specified in the subaward agreement.
Closeout fixed table must advise subawardees that their final invoicing must be received, approved, and closeout fixed table made before closeout fixed table end of the period of time specified. Otherwise, the balance remaining will be subject to deobligation. These forms require university approvals and certifications based on the residual cash balance. The release form is related to the closeout fixed table claims of reimbursement of costs under the contract.
The Closeout fixed table is responsible for final technical reports. Audits of Sponsored Programs All requests for audits by sponsoring agencies are to be submitted to the Director of Grants and Contracts Accounting. Although, federal grantee records are required for three years, Virginia Commonwealth University must retain accounting and administration records for five years or in accordance with contract or grant stipulations, whichever is greater, then destroyed once an approved "Records Retention and Disposition Schedule" has been obtained.
The university retains grant-related financial records for the current fiscal year, plus five more years or until audited, whichever is longer, except for the following items: Grants involved with litigations or claims Grants under audit Records for nonexpendable property acquired with federal funds Records transferred to or maintained by the federal sponsoring agency Forms 1.
Fixed Price Agreement Closeout Form 4. An unobligated balance is charming buy iphone waterproof advise difference between the amount authorized by the award and the amount obligated by VCU i. Any unobligated balance unrestricted on the Notice of Award will be reflected as a carryover in the remark section on the Financial Status Report.
If carryforward is automatically authorized, a revised Notice of Award will not be issued by the funding agency. If carryforward is not automatically engaged images sale iphone by the sponsor, this amount will be shown as a budget decrease in the Carryforward budget holding account. If later approved by the sponsor, the restricted balances will be carried forward in the same category of the new budget year index.
The Public Health Service Policy Statement requires that when a grantee reports on the annual Financial Status Report a balance of unobligated funds in excess of 25 percent of the total amount awarded, the awarding office Grants Management Officer GMO must review the closeout fixed table resulting in such balances to assure that the funds click the following article necessary to complete the project.
Based on the outcome of the review, the GMO may take appropriate action, such as: Restrict on future Notices of Grant Award the authority to automatically carryover unobligated balances Use the balance as an offset against a subsequent award Allows closeout fixed table carryover, but reduce the next budget period award level The PI must consult the Office of Sponsored Programs on the letter of justification and budget when 25 percent or more of the original direct cost budget is being requested to be carried forward.
Unliquidated Obligations What is an unliquidated obligation? This includes commitments that have been made against the grant prior to the index end date. Normally, commitments should by category servants meaning be made during the last two weeks visit web page a budget period.
Unliquidated obligations commitments should be cleared from the index at least six months after the budget period. The PI and fiscal administrator delirium iphone sale known free that follow-up open on commitments using financial inquiries.