Award Close Outs
Sponsored Award Accounting is responsible for closing sponsored award accounts in FAS. The process is as follows:
- An account is closed out when project-to-date expenses in FAS agree with the total expenses reported on the FSR, all funds have been received from the sponsor, and all payables have been paid.
- If an account is overspent, the award administrator must remove the overdraft in order for the FAS account to be closed.
- If an account is underspent, and reported as such on the FSR, Sponsored Award Accounting will adjust the account budget to equal the expenses reported on the FSR before closing the account.
- The amount reported on the FSR may not equal the expenses shown in the FAS account at the time the FSR is submitted because of trailing transactions that have not yet been posted to FAS. The FAS account cannot be closed until the trailing transactions are posted. The award administrator must continue to monitor the account activity to ensure that the trailing charges are posted.
- When the budget equals the project-to-date expenses on FAS, all funds have been received from the sponsor, and all payables have been paid, then Sponsored Award Accounting will delete the account from FAS and AM090, 91 Accounting Reports will cease. Ideally, this process should be completed 5 months after the award end date.