Financial reporting and closeout is a shared responsibility between Principal Investigators (PIs), department administrators, and Post Award Financial Operations (PAFO). The financial closeout of a sponsored award begins after all required final financial invoices and reports have been prepared and are ready to be submitted to the sponsor. Financial close\u2010outs should be completed within 120 days of the award end date and include, but are not limited to, the following activities:<\/p>\n
Commitments<\/strong> must be closed.<\/p>\n Removal of Over\u2010Expenditures<\/strong>\u00a0\u2010\u00a0the department must resolve all over expenditures before the award can be closed. \u00a0Departments should take the initiative to remove over expenditures and not wait to be contacted by PAFO.<\/p>\n Completeness of Billing and Collections<\/strong>\u00a0\u2010\u00a0It is important to note that PAFO is responsible for billing and collecting outstanding accounts receivable.\u00a0On occasion, PAFO may request the\u00a0assistance of the PI and\/or department administrator to assist with working with sponsors to resolve outstanding accounts receivable issues. Technical reports must be submitted to sponsors following the terms and conditions of the award to ensure timely collection of funds.<\/p>\n Residual Funds (see SPH Policy on Residual Funds) <\/strong><\/p>\n Funds received for a fixed price, active research projects are restricted for the duration of the study and will be used for the support of that research project. Boston University expects that faculty and departments will direct charge all expenses, including, but not limited to, personnel, fringe benefits, lab supplies, and sub-awards. After the completion of a research project, the remaining residual funds will be transferred to the specified unrestricted account if the following conditions are met:<\/p>\n If the above conditions are met, residual funding will be distributed as follows:<\/p>\n Award Status Changes in SAP<\/strong> \u2013 After all expenses have posted, PAFO will change the award status in SAP to PAFO\/OSP to prevent additional charges from being recorded on the award. Once all financial activity has been recorded in SAP (e.g., billings and collections are complete, budgets have been adjusted, and refunds and residual funds have been processed), PAFO will change the award status to Closed.<\/p>\n Other Resources<\/strong><\/p>\n BU Sponsored Programs Blog<\/a> – News and Updates from OSP<\/p>\n The SPH Sponsored Programs Operations Committee<\/strong> (SPOC) is made up of department directors, grant managers, and administrators involved in the applications, expenditures, and reporting of external funding sources. SPOC is a collaborative forum for research administration issues, including formal training and informal discussions related to the ongoing management of BUSPH research.<\/p>\n Helpful Links BUSPH Proposal Submission Timeline<\/a><\/p>\n Application Checklists (Prime and Subaward)<\/a><\/p>\n Sample NIH Budget Justification<\/a><\/p>\n SPH Policy on Residual Funds <\/a><\/p>\n\n
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