{"id":551,"date":"2016-09-26T07:57:18","date_gmt":"2016-09-26T14:57:18","guid":{"rendered":"https:\/\/www.washington.edu\/research\/?page_id=551"},"modified":"2024-07-18T10:59:25","modified_gmt":"2024-07-18T17:59:25","slug":"financials","status":"publish","type":"page","link":"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/","title":{"rendered":"Financials"},"content":{"rendered":"<p>Use\u00a0<a href=\"https:\/\/finance.uw.edu\/gca\/award-portal\" target=\"_blank\" rel=\"noopener\">Award Portal<\/a> for monitoring expiration &amp; final action dates of sponsored awards.<\/p>\n<p>All award expenses must be posted in the UW financial system by the\u00a0<a href=\"https:\/\/finance.uw.edu\/gca\/award-lifecycle\/closing-your-award\/final-action-date\" target=\"_blank\" rel=\"noopener noreferrer\">Final Action Date (FAD)<\/a>.\u00a0 Expenses posted after the FAD may not be eligible for reimbursement from the sponsor.<\/p>\n<p>If your FAD\u00a0is approaching and:<\/p>\n<ul>\n<li>you will have late transactions, use\u00a0<a href=\"https:\/\/finance.uw.edu\/gca\/award-portal\" target=\"_blank\" rel=\"noopener\">Award Portal<\/a>\u00a0to contact GCA.<\/li>\n<li>the work is not complete, consider requesting an\u00a0<a href=\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/manage\/award-changes\">extension<\/a><\/li>\n<\/ul>\n<p>If upon completion the award has a deficit, it must be resolved per the\u00a0<a href=\"https:\/\/finance.uw.edu\/gca\/award-lifecycle\/closing-your-award\/grant-contract-deficit-procedures\" target=\"_blank\" rel=\"noopener noreferrer\">UW Deficit Resolution policy<\/a>.<\/p>\n<h2><a name=\"end-of-award-checklist\"><\/a>End of Award Review Checklist<\/h2>\n<p>This checklist provides recommendations for preparing for the end of an award or the end of an award line period (closeout) 30-60 days before the Final Action Date (FAD) of a UW sponsored award.<\/p>\n<p>Departments are responsible for monitoring expiring awards. GCA provides the Award Portal for monitoring expiration &amp; Final Action Dates (FAD) of sponsored awards.<\/p>\n<h3>Review Items<\/h3>\n<p>At least 30-60 days before the FAD of the UW award:<\/p>\n<ol>\n<li>Review award terms &amp; conditions for final documentation requirements &amp; deadlines, ensure they will be met.<\/li>\n<li>If necessary, request an Extension. If Sponsor approval is required, submit 45 days before the current award\/budget period end date.<\/li>\n<li>Review:\n<ul>\n<li><a href=\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/reporting\/#financial\">Final Financial Reporting requirements.<\/a><\/li>\n<li>UW Policy <a href=\"https:\/\/www.washington.edu\/research\/policies\/gim-39\/\">GIM 39<\/a>: Closeout of Sponsored Programs<\/li>\n<li><a href=\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/reporting\/#external\">Closeout: Sponsor Reporting<\/a><\/li>\n<li>\u00a0<a href=\"https:\/\/finance.uw.edu\/gca\/award-lifecycle\/closing-your-award.\" target=\"_blank\" rel=\"noopener\">GCA: Closing Your Award<\/a><\/li>\n<\/ul>\n<\/li>\n<li>Review award expenditures &amp; ensure <a href=\"https:\/\/finance.uw.edu\/pafc\/cost-principles\" target=\"_blank\" rel=\"noopener noreferrer\">allowability and allocability<\/a>. If any expenditure does not belong, it must be removed before the FAD. See <a href=\"https:\/\/www.washington.edu\/research\/policies\/gim-23\/\">GIM 23<\/a>: Sponsored Award Costing Policy<\/li>\n<li>Retain a copy of the final progress report in local unit award files.<\/li>\n<\/ol>\n<h3>Other Review Items as Applicable<\/h3>\n<p>If applicable, make sure:<\/p>\n<ul>\n<li><a href=\"https:\/\/finance.uw.edu\/gca\/cost-share#Cost_Share_Components\" target=\"_blank\" rel=\"noopener noreferrer\">Cost Share<\/a> commitments are met and posted in UW systems.<\/li>\n<li>Open balances and encumbrances are closed.<\/li>\n<li>Appropriate worktags are provided to GCA to resolve a deficit.<\/li>\n<li>Review <a href=\"https:\/\/finance.uw.edu\/pafc\/program-income\" target=\"_blank\" rel=\"noopener noreferrer\">Program Income<\/a> have been accurately reconciled.<\/li>\n<li>Report <a href=\"https:\/\/depts.washington.edu\/uwc4c\/uwcommunity\/ROI_Form\/uw_report_innovation_ROI_form.php\" target=\"_blank\" rel=\"noopener noreferrer\">Intellectual Property<\/a> to UW CoMotion.<\/li>\n<li>Equipment Inventory- review and confirm:\n<ul>\n<li><a href=\"https:\/\/finance.uw.edu\/eio\/node\/54\" target=\"_blank\" rel=\"noopener noreferrer\">Equipment closeout reporting<\/a><\/li>\n<li>For fabrications, reach out to the UW&#8217;s Equipment Inventory Office for help with Asset capitalization<\/li>\n<\/ul>\n<\/li>\n<li>To follow Subaward Closeout Recommendations:\n<ul>\n<li>30-60 days before subaward period end: remind subrecipients of final deadlines (progress report, invoices, etc. per the terms of the agreement).<\/li>\n<li>Before the <a href=\"https:\/\/finance.uw.edu\/gca\/award-lifecycle\/closing-your-award\/final-action-date\" target=\"_blank\" rel=\"noopener noreferrer\">FAD<\/a> of a prime award: confirm final invoice has been received, approved, final, and payment has posted to the UW award in Workday Finance.<\/li>\n<li>Closeout Purchase Orders in Workday Finance: when there are unexpended funds and it is still in an \u201copen\u201d status.<\/li>\n<\/ul>\n<\/li>\n<li>No Inventions? If required by the sponsor, the PI still submits an invention statement confirming \u201cno inventions\u201d. After the PI indicates \u201cno inventions\u201d on a sponsor final invention statement form, the PI must forward the form to OSP to confirm with CoMotion. The PI may forward the form directly to CoMotion for verification if OSP does not need to sign and submit the form.<\/li>\n<\/ul>\n<h3>Other End of Budget \/ End of Award Resources<\/h3>\n<ul>\n<li><a href=\"https:\/\/washington.edu\/research\/myresearch-lifecycle\/closeout\/\">Financials<\/a><\/li>\n<li><a href=\"https:\/\/washington.edu\/research\/myresearch-lifecycle\/closeout\/reporting\/\">Reporting<\/a><\/li>\n<li><a href=\"https:\/\/washington.edu\/research\/myresearch-lifecycle\/closeout\/equipment\/\">Equipment<\/a><\/li>\n<li><a href=\"https:\/\/washington.edu\/research\/myresearch-lifecycle\/closeout\/subawards\/\">Subawards<\/a><\/li>\n<li><a href=\"http:\/\/washington.edu\/research\/myresearch-lifecycle\/closeout\/dissemination-of-results\/\">Dissemination of Results<\/a><\/li>\n<li><a href=\"https:\/\/washington.edu\/research\/myresearch-lifecycle\/closeout\/data-sharing\/\">Data Sharing<\/a><\/li>\n<li><a href=\"https:\/\/washington.edu\/research\/myresearch-lifecycle\/closeout\/records-retention\/\">Records Retention<\/a><\/li>\n<li><a href=\"https:\/\/washington.edu\/research\/policies\/gim-39-c\">GIM 39 \u2013 Closeout of Sponsored Programs<\/a><\/li>\n<\/ul>\n<h2>Early Termination and Relinquishment<\/h2>\n<p>Early termination shortens the life of the project period prior to completion. Relinquishments and award transfers mean returning funds back to the sponsor and giving up the UW\u2019s right to the funding. Review guidance on award changes around <a href=\"https:\/\/washington.edu\/research\/myresearch-lifecycle\/manage\/award-changes\/\">early terminations and relinquishments<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Use\u00a0Award Portal for monitoring expiration &amp; final action dates of sponsored awards. All award expenses must be posted in the UW financial system by the\u00a0Final Action&#8230;<\/p>\n<div><a class=\"more\" href=\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/\">Read more<\/a><\/div>\n","protected":false},"author":13,"featured_media":0,"parent":216,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"templates\/page-builder-lifecycle.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-551","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financials - UW Research<\/title>\n<meta name=\"description\" content=\"Information about reviewing financials at the end of an award or budget period. Final review and resources.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financials - UW Research\" \/>\n<meta property=\"og:description\" content=\"Information about reviewing financials at the end of an award or budget period. Final review and resources.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/\" \/>\n<meta property=\"og:site_name\" content=\"UW Research\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-18T17:59:25+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/\",\"url\":\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/\",\"name\":\"Financials - UW Research\",\"isPartOf\":{\"@id\":\"https:\/\/www.washington.edu\/research\/#website\"},\"datePublished\":\"2016-09-26T14:57:18+00:00\",\"dateModified\":\"2024-07-18T17:59:25+00:00\",\"description\":\"Information about reviewing financials at the end of an award or budget period. Final review and resources.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.washington.edu\/research\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"MyResearch Project Lifecycle\",\"item\":\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Closeout\",\"item\":\"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Financials\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.washington.edu\/research\/#website\",\"url\":\"https:\/\/www.washington.edu\/research\/\",\"name\":\"UW Research\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.washington.edu\/research\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Financials - UW Research","description":"Information about reviewing financials at the end of an award or budget period. Final review and resources.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/","og_locale":"en_US","og_type":"article","og_title":"Financials - UW Research","og_description":"Information about reviewing financials at the end of an award or budget period. Final review and resources.","og_url":"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/","og_site_name":"UW Research","article_modified_time":"2024-07-18T17:59:25+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/","url":"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/","name":"Financials - UW Research","isPartOf":{"@id":"https:\/\/www.washington.edu\/research\/#website"},"datePublished":"2016-09-26T14:57:18+00:00","dateModified":"2024-07-18T17:59:25+00:00","description":"Information about reviewing financials at the end of an award or budget period. Final review and resources.","breadcrumb":{"@id":"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/financials\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.washington.edu\/research\/"},{"@type":"ListItem","position":2,"name":"MyResearch Project Lifecycle","item":"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/"},{"@type":"ListItem","position":3,"name":"Closeout","item":"https:\/\/www.washington.edu\/research\/myresearch-lifecycle\/closeout\/"},{"@type":"ListItem","position":4,"name":"Financials"}]},{"@type":"WebSite","@id":"https:\/\/www.washington.edu\/research\/#website","url":"https:\/\/www.washington.edu\/research\/","name":"UW Research","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.washington.edu\/research\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.washington.edu\/research\/wp-json\/wp\/v2\/pages\/551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.washington.edu\/research\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.washington.edu\/research\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.washington.edu\/research\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.washington.edu\/research\/wp-json\/wp\/v2\/comments?post=551"}],"version-history":[{"count":70,"href":"https:\/\/www.washington.edu\/research\/wp-json\/wp\/v2\/pages\/551\/revisions"}],"predecessor-version":[{"id":52831,"href":"https:\/\/www.washington.edu\/research\/wp-json\/wp\/v2\/pages\/551\/revisions\/52831"}],"up":[{"embeddable":true,"href":"https:\/\/www.washington.edu\/research\/wp-json\/wp\/v2\/pages\/216"}],"wp:attachment":[{"href":"https:\/\/www.washington.edu\/research\/wp-json\/wp\/v2\/media?parent=551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}