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SPLL02 Basic Financial Mgt

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Lunch & LearnSponsored ProjectsBasic Financial ManagementToday’s Agenda Spending Funds Federal OMB Circulars Sponsored Research Financial Policies SRAS Transaction Review OMNI Overview Available Balance in OMNI C&G Ledger OBI Report Upcoming EventsSpending Funds Personnel Costs Encumbered– HR/Payroll Graduate Waivers – Graduate studies– Not encumbered Non Personnel Costs– Purchasing Encumbrances – SR Exemption– Accounts Payable Unencumbered Payments Non-Duty Stipends Research Participant Payments Travel/Expense Reports Journal Entries – General Accounting– Interdepartmental Requisition (IDR)Federal OMB Circulars OMB Circular A-21– Cost Principles– Direct vs. Indirect– Cost Accounting Standards OMB Circular A-110– Administrative requirements/systems OMB Circular A-133– Audit requirements– Flows down to subcontractors Cost Accounting Standards– DS-2 Statement– Describes FSU’s cost practicesSponsored Research Financial Policies/Procedures http://www.research.fsu.edu/contractsgrants/policypro.html Advances Participant Support Costs Program Income Cost Sharing Unallowable Costs Cost Transfers Fixed Price Residual Funds Sub recipient MonitoringSRAS Transaction Review Requisitions >=$1,000 Expense reports >=$1,000 Pay requests >=$1,000 All non-duty stipend requests All journal entries– Cost transfer policy applies when moving charges onto/between a sponsored project All interdepartmental requisitions (IDR) All personnel appointments All subcontracts/subcontract invoicesCompliance Evaluation Criteria Authorized Signature– Sponsored Project Manager or PI Chartfield Information– Dept ID, Fund Code, Project Number Performance Period– Goods or Services received and consumed within Dates of Award period Available Balance– Direct Cost Funds available for Expense by budget category line item Account or Job Code– Appropriate for nature of expense Allowable– Terms and Conditions support expenseOMNI OverviewOMNI LedgersActualsCommitmentControlProjects•Real Time•Budget Checking•Updated Nightly•Official book of record•Monthly Ledgers•Updated Nightly•F&A Calculations•SRAS Invoices and Reports“Child” Budget CheckingParentDirect Child700001Indirect Child780300Cost Share Child700001The “Child” must have sufficient available balance for a transaction to “pass” budget checkingAvailable Balance in OMNI Commitment control ledger (KK) Real time ledger Transactions post to KK as budget check runs Project ledgers– KKGMPAR (Total Budget)– KKGMCHD (Direct/Indirect/Cost Share) Available Balance Instructions – See Job AidsC&G Ledger OBI Report Balances are one day old Encumbrance detail included for non personnel items (PO, Subcontract) Encumbrance detail for personnel– Run query FSU_ENCUMBRANCE_DETAIL_BO Running Departmental Ledger CG training guide – Attached Running Transaction Detail Report training guide –


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