Closeouts using the Projects & Awards Closeout Tool (PACT)

December 1, 2015

Welcome to PACT!

Introductions:• Name• Role• Department• Length of service with Emory

Logistics:• Restrooms• Breaks• Laptops

December 1, 2015

Learning Objectives

As a result of participating in this Closeout course, you will:

» Understand the overall Closeout process for Emory

University

» Understand the role of RAS and FGC in the Closeout

process

» Know how to complete the process associated with

reconciling awards for Closeout

December 1, 2015

Agenda

• Overview– Closeout– Roles and Responsibilities

• Process– Process Map– Closeout Timelines

• Demonstration• Practice• Routing and approvals

December 1, 2015

What is Closeout?

Closing of an award that has ended and will no longer be continued (or funded); this includes awards that are relinquished

All projects associated with the award are closed and all SmartKeys are inactivated

All funds are received and AR is zero

Budget equals expenses

Final financial reports have been submitted (FFR, FSR or Invoice)

All other award-related reports have been submitted (Final Invention Statements, etc.)

December 1, 2015

Closing Projects vs. Awards

What is Project Closeout?• Closing of individual projects, tied to an award, that have ended (award can

still be ongoing)• Expenses on ledger match FSR and/or Final Invoice• Project SmartKey inactivation

What is Award Closeout?• Closing of an award that has ended, including all projects• Expenses on ledger match FSR and/or Final Invoice• Accounts Receivable - all cash for the award has been collected from the

Sponsor• All projects are ended and all SmartKeys inactivated• Contract Billing Limit and Budgets are adjusted to FSR or Final Invoice

December 1, 2015

RAS Roles and Responsibilities

Run the Emory Custom 15 Report Populate PACT Review, verify and clear:

• Deficits• Refunds/Residuals• Encumbrances• Budget = Expenses

Complete the Closeout Checklist • Add necessary documentation, including PACT, as attachments• Send to appropriate FGC Team Helpdesk

Milestones:• RAS units need to create & update the Closeout Milestone to “In Progress” in

Compass once they begin the closeout process.

December 1, 2015

FGC Roles and Responsibilities Upon notification from RAS, create & update the Closeout Milestone to “In Progress” in

Compass. Adjust the award billing limit and budgets to match final reported expenditures Review, verify and clear:

• Budget = Expenses• Expenses = BLDs• Bill/DEF• Expenses = Revenue• Cash• Unbilled AR• Billed AR• Open AR

Inactivate project SmartKey(s) and notify RAS/Department. Upload documents into Compass and the I: drive.

• PACT• Closeout Checklist

Update Closeout Milestone to ‘Complete’.

December 1, 2015

Process Map

• FGC’s Website:Ogca.emory.edu

• Training tab

• Training Documents

• PACT Training Materials

December 1, 2015

Closeout Timeline – Final FSR Required

FSR Due Date

9/30/15

60 days 30 days 30 days 60 days

Award End Date

6/30/15

Close Out Due Date12/30/157/30/15 8/30/15 10/30/15 11/30/15

RAS FGCFGC RAS

Example: This timeline is based on a typical NIH Award. (90 Day Report Period)

December 1, 2015

Close Out Due Date11/30/15

FINAL Invoice Due

Date8/30/15

15 days/15 days30 days 30 days 60 days

Award End Date

7/30/156/30/15 9/30/15 10/30/15

RAS FGCRAS & FGC RAS

Closeout Timeline – Final Invoice Required

Example: This timeline is based on a typical 30 day FINAL Invoice Due.

December 1, 2015

Closeout Timeline – No FSR/Final Invoice Required

Example: This timeline is based on an award with no FSR/Final Invoice due.

Award End Date

8/30/15

30 days 60 days

Close Out Due Date11/30/159/30/15 10/30/15

FGCRAS

December 1, 2015

Where Are We Now?

The ARRT has been completed, the FSR has been submitted.

Now we should ask: When are Final F&A adjustments made? When are budgets adjusted? Do my expenses and budgets have to match for project closeout? Can I request SmartKey inactivation before the residual balances are

transferred? Is the AR zero if the sponsor is due a refund? When does the closeout process happen? When should you request SmartKey inactivation?

DEMONSTRATION AND PRACTICE

December 1, 2015

Closeout - Overview

Steps to Closeout:

Step 2: Run the EUOGC015 Query in Compass

Step 1: Accessing the Closeout Milestone Query

Step 3: Import the EUOGC015 Query to PACT

Step 4: Review & Analyze PACT, & make appropriate adjustments

Step 5: Submit PACT to FGC Helpdesk

December 1, 2015

Closeout Milestone Query

Run the Closeout Milestone Query using the Job Aid from FGC’s website: (www.ogca.emory.edu)• Training tab• Training

Documents• PACT Training

Materials

December 1, 2015

Closeout Checklist

Access the Closeout Checklist located on FGC’s website: (www.ogca.emory.edu)• Training tab• Training Documents• PACT Training Materials

December 1, 2015

PACT – Job Aid

Access the PACT Job Aid from FGC’s website: (www.ogca.emory.edu)• Training Tab• Training Documents• PACT Training

Materials

December 1, 2015

PACT Template

December 1, 2015

Things to know…

• Where do I submit the Residual/Refund form?– The form is located in the SAM Kiosk, and should be

submitted to the appropriate FGC Team Helpdesk.

• Where do I submit the closeout packet?– All closeout packets should be submitted to the appropriate FGC Team

Helpdesk.

• Do I need to submit an Inactivate SmartKey form with the closeout packet?– No, you do not need to complete or submit the Inactivate SmartKey form.

This will be completed by FGC once all columns in PACT are at $0.00.

• How will I know when the Award is closed?– FGC will notify RAS via email once the SmartKey as been inactivated.

Practice

• Compass – www.compass-login.emory.edu

• Most up to date PACT template from FGC website (ogca.emory.edu)– Forms– PACT (Closeout)

December 1, 2015

December 1, 2015

Useful Links

FGC Website – http://www.ogca.emory.edu

OSP Website – http://www.osp.emory.edu Emory University Policies (All Finance Related Policies) -

http://policies.emory.edu COMPASS Online Reference Guide – http://compass.emory.edu FORMS http://www.ogca.emory.edu/forms/index.html >> Closeout

PACT Closeout Checklist Form

FGC Team Helpdesk - http://www.ogca.emory.edu/about/departmentlist.html

Are there any questions?

December 1, 2015