In addition to monthly reports, RFS is required to submit periodic financial statements concerning performance of the grant or contract. Often, this information must be submitted on a specific form or statement required by the sponsoring organization. Regarding these reports, it is important to keep in mind that the fiscal year of Georgia State University may not be the same as the sponsoring agency.
Year-end Closeout for Sponsored Awards
The University is required to develop and submit financial statements annually. Although Sponsored Awards have varying end dates, they are subject to certain year-end requirements in order for the University to produce accurate and timely financial statements. Everyone is encouraged to review accounting results monthly and submit adjustments and corrections in a timely manner. Each month-end accounting results are available by the second week of the month following the month just ended. Although this review should be ongoing, it is especially imperative to do so before the end of Georgia State's fiscal year.
Any adjustments needed on your project(s) should be processed without delay as soon as they are identified. You are particularly urged to review projects with the objective of determining whether there are over-expended budgets. These situations require urgent attention and should be resolved immediately. Also requiring special review are projects with an end date within the current fiscal year. Any payroll or non-personal adjustments relating to these projects should be processed within 90 days of the end date or earlier as specified by the awarding agency.
You are asked to review all payroll charges to ensure proper distribution to the correct departmental or project budgets. Requests for payroll adjustments should be forwarded to your designated college human resources officer of directly to Payroll, if you do not have a designee
Questions? Contact RFS