Reminder of the new Closeout and Financial Reporting Policy

Dear Colleagues,

This communication is to serve as a reminder of the new Closeout and Financial Reporting Policy.  This policy can be found on the URA website, here.  Per this policy, closing memos for sponsored awards are due 20 days prior to the FFR Due Date listed in FAS.  URA is providing tools to help departments meet this goal, including a monthly 120-day report that highlights upcoming closings, which will be pushed out at the beginning of each month to departments. 

If URA does not receive a closing memo by the closing memo due date, we will contact the unit and PI, and allow an additional 5 business days to provide the memo.  If no closing memo is received within that 5 day period, URA will unilaterally submit a financial report to the sponsor based on current approved activity on the ledger.  Unallowable transactions will be moved to the guarantee account, unless an alternative account is provided by the department.

This process has been covered at multiple monthly Hot Topics meetings, and those training documents can be found on the URA training website.  There is also additional helpful information specific to closeouts on our website, here.  If you have questions or require additional training, please let me know.

Michael R. Ludwig
Associate Vice President for Research Administration & Director, URA