Grant Accounting 201

8/6/2019 Grant Accounting 201

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Grant Accounting 201Grant Accounting 201

I have the grant,I have the grant,now what!?now what!?

Presented by Grants and Contracts

Financial Services (GCFS)


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IntroductionIntroductionWe plan to cover:We plan to cover:

Overview of fundingOverview of funding

Whats the PIs role?Whats the PIs role?

Whats Grants and ContractsWhats Grants and ContractsFinancial Services role?Financial Services role?

Expenditure ComplianceExpenditure Compliance Reading PS Financial ReportsReading PS Financial Reports

Gotchas!Gotchas!

SummarySummary


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VocabularyV

ocabulary

Department ID = Org. CodeDepartment ID = Org. Code

Account # = Expenditure CodeAccount # = Expenditure Code PI = Principal InvestigatorPI = Principal Investigator

F&A (or indirect costs)F&A (or indirect costs)

PeopleSoft (PS) System =PeopleSoft (PS) System = FinanceFinanceSystem or General LedgerSystem or General Ledger

also PS Payroll & Student Admin. (willalso PS Payroll & Student Admin. (willspecify)specify)


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Overview of fundingOverview of funding The funds are under JMUs ControlThe funds are under JMUs Control

Must be good stewards of publicMust be good stewards of public

fundsfunds No pool of money. Most grants areNo pool of money. Most grants are

paid on a reimbursement basis.paid on a reimbursement basis.

Everyone wants to add a regulation!Everyone wants to add a regulation!

Specific grant instructions; JMUSpecific grant instructions; JMUpolicies and procedures; statepolicies and procedures; stateregulations; federal regulations;regulations; federal regulations; federalfederallawlaw..


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Whats the PIs Role?Whats the PIs Role?

Person of many hatsPerson of many hats

Researcher, Manager, Accountant.Researcher, Manager, Accountant.

Has DIRECT responsibility for GrantHas DIRECT responsibility for Grant

Must complete responsibilities of grantMust complete responsibilities of grant

Must work within approved budgetMust work within approved budget Must insure Matching is metMust insure Matching is met

Maintain Adequate DocumentationMaintain Adequate Documentation

May delegate workloadMay delegate workload


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Whats Grants and ContractsWhats Grants and Contracts

Financial Services Role?Financial Services Role?

Establish Financial FrameworkEstablish Financial Framework

PS Dept ID(s); BudgetsPS Dept ID(s); Budgets Maintain auditable fileMaintain auditable file

PostPost--award compliance officersaward compliance officers

for the Universityfor the University Billing/Collection from SponsorsBilling/Collection from Sponsors

Prepare Financial ReportsPrepare Financial Reports

Timely closeTimely close--out of grantout of grant


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Expenditures (General)Expenditures (General) EVa must be usedEVa must be used

PCards must be used/reconciledPCards must be used/reconciled

Forms:Forms:

Accounting VoucherAccounting Voucher

Travel AuthorizationTravel Authorization (over $500)(over $500)

Travel Reimbursement VoucherTravel Reimbursement Voucher

Agency TransferVoucher (ATV)Agency TransferVoucher (ATV)


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Expenditures (Travel)Expenditures (Travel)

VA State (JMU) rules applyVA State (JMU) rules apply (Unless specifically addressed in the award)(Unless specifically addressed in the award)

Personal Car Mileage:$0.325/mile 300 miles or less round trip

$0.19 if over 300 mile round trip

Unless stated in Grant

Unless motor pool certifies that no car is available

No car repair bills, speeding tickets, parkingtickets, etc.!


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contdcontd

Hotel Expense LimitsHotel Expense Limits

Still follow state guidelinesStill follow state guidelines With permission, 150% of allowedWith permission, 150% of allowedmaximummaximum

Per Diem expensesPer Diem expenses

Meals, Phone, tips, laundry, etc.Meals, Phone, tips, laundry, etc. Reduced by supplied mealsReduced by supplied meals

No receipt necessaryNo receipt necessary


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contdcontd

Receipts required for:Receipts required for:

Hotel (Original, with $0 balance)Hotel (Original, with $0 balance)

ParkingParking Public transportation (cab, shuttle, bus)Public transportation (cab, shuttle, bus)

Business Meals (Itemized)Business Meals (Itemized)

Documentation for group expensesDocumentation for group expenses

List with individual signatures is goodList with individual signatures is good

Foreign flights (Coach Class)Foreign flights (Coach Class)

MustMust be on US flag bearer!be on US flag bearer!

Foreign Travel authorization requiredForeign Travel authorization required


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Expenditures (BusinessExpenditures (Business

Meals)Meals)

Must follow per diem per personMust follow per diem per person

Must have at least one nonMust have at least one non--JMU employeeJMU employee

No AlcoholNo Alcohol

Itemized receiptItemized receipt Written justification (descriptionWritten justification (description

of purpose).of purpose).


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Expenditures (Payroll)Expenditures (Payroll) Employee vs. ContractorEmployee vs. Contractor

Has bearing on taxes withheldHas bearing on taxes withheld

What control exists over person?What control exists over person?

See 20 questions on PayrollSee 20 questions on PayrollWebsiteWebsite

If in doubt, contact PayrollIf in doubt, contact Payroll Must follow immigration rulesMust follow immigration rules

Contact Gina Kudrav inContact Gina Kudrav in

International Prog. with questionsInternational Prog. with questions


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Expenditures (Payroll)Expenditures (Payroll)

contdcontd

FormsForms PAR Form/Student Employment ContractPAR Form/Student Employment Contract

AccountingV

oucher (Contractor)AccountingV

oucher (Contractor) FICA taken with all PAR formsFICA taken with all PAR forms

Student Employment ContractStudent Employment Contract Use Instructional Employment AccountUse Instructional Employment Account

Code on new PAR/Student ContractCode on new PAR/Student Contract

FICA normally not withheldFICA normally not withheld Summer my change with each paycheckSummer my change with each paycheck

Employers FICA adds to Lump SumEmployers FICA adds to Lump Sumexpendituresexpenditures Contact Payroll with tax questionsContact Payroll with tax questions


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F&AF&A (Facilities and Administration)(Facilities and Administration)

Part of the Grant budgetPart of the Grant budget

Does NOT reduce direct expense budgetDoes NOT reduce direct expense budget

50% returned to Instruction50% returned to Instruction

40% Department; 10% Dean40% Department; 10% Dean

Must be spent in support of GrantsMust be spent in support of Grants

Withheld from budget loaded toWithheld from budget loaded toPeopleSoft.PeopleSoft.

Budget increased with each charge.Budget increased with each charge.


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Demo of AvailableDemo of AvailableReportsReports


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Why should the PI keepWhy should the PI keep

records?records? PIs responsibility! (Stewardship)PIs responsibility! (Stewardship)

Like reconciling a checkbookLike reconciling a checkbook

Insure accuracy of keyed dataInsure accuracy of keyed data

Track Timing differencesTrack Timing differences

Track ATV (automatic) chargesTrack ATV (automatic) charges

Postage, FM, Copy CenterPostage, FM, Copy Center

Insure matching is metInsure matching is met

5 year record retention5 year record retention


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GOTCHAsGOTCHAs

Timing of transactions to PSTiming of transactions to PS

Grant Period expirationGrant Period expiration Payroll passes budget checksPayroll passes budget checks

Employer FICA is added to LumpEmployer FICA is added to Lump

Sum PAR form amount.Sum PAR form amount. Not following the budget.Not following the budget.


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SummarySummary Generally, JMU rules applyGenerally, JMU rules apply

Buck stops with PI (andBuck stops with PI (anddepartment)department)

GCFS provides assistance andGCFS provides assistance andreviews for compliancereviews for compliance

When in doubt, refer to theWhen in doubt, refer to theawardaward


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Where to Get MoreWhere to Get More

InformationInformation Other training sessionsOther training sessions

IIS Training (PS Financials)IIS Training (PS Financials)

Accounts Payable TrainingAccounts Payable Training

Payroll TrainingPayroll Training

WebsitesWebsites

GCFCGCFC (www.jmu.edu/acadaffairs/grants.shtml)(www.jmu.edu/acadaffairs/grants.shtml)

FinanceFinance ((www.jmu.edu/financeoffice/www.jmu.edu/financeoffice/))

JMU Financial Procedures ManualJMU Financial Procedures Manual


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Where to Get MoreWhere to Get More

Information (contd)Information (contd) GCFSGCFS -- MSC 5713MSC 5713

JMAC Building 6, Suite 30JMAC Building 6, Suite 30 John HulveyJohn Hulvey

8372583725 [email protected]@jmu.edu

Brenda Wilburn SeifriedBrenda Wilburn Seifried

8231482314 [email protected]@jmu.edu

Donna CrumptonDonna Crumpton 8809988099 [email protected]@jmu.edu

Kyra ShifletKyra Shiflet 8710887108 [email protected]@jmu.edu

Grant Accounting 201

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