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Overdrafts on Sponsored Programs
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- Types
- Late charges on closed awards
- Overspent at time of closeout
- Overs or unders due to including encumbrances in final report
- Revenue shortfalls
- During award period
- Final payment at closeout
- Procedures
- Late Charges
- $0 to $100 - close to overhead
- $100 or more - notify dean's office for alternative funding source. They have 10 working days to respond.
- Transfer to college/school designated funding source if no response. Copy to Dean's Office.
- Watch UDDS, may need to be charged to excludable coding.
- Overspent at time of closeout -- same as 1-4 above
- Encumbrance driven
- If account has a balance of $100 or less* -- charge to overhead pending final audit by sponsor. *(NSF threshold is $300 or less)
- Balance of over $100 -- revise report to sponsor.
- If account has a negative balance:
- $0 - $100 -- transfer to overhead
- $100 or more -- same as A. 2-4
- Revenue short falls
- Notify Dean, department staff, and PI as soon as RSP knows sponsor will not fulfill terms and conditions of the award ( or vice versa).
- Reduce budget to equal current receipts and block account. Deans may request that the account remain open.
- Follow collection procedures.
- General
- RSP will only monitor budget overdrafts on active accounts for billing, financial reporting to sponsors and letter of credit/cash draws.
- Transfer all allowable charges to successor accounts.
- Process all cash transfers from users/deans in five working days.
- Prepare and process any transfers resulting from above in five working days.
- Use major class codes (i.e., 1311, 3552) when appropriate.
- RSP will provide monthly overdraft reports to the Deans.
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