Contract and Grant Closing
Since most Contract and Grant (C&G) accounts do not expire at the university’s fiscal year, Year End (YE) documents are generally not required on C&G accounts. If it is necessary to process a YE document because a non-C&G account is involved, then YE documents may be processed until First Closing. All cost transfers for fiscal year 2013-14 affecting C&G accounts should be completed by First Closing.
No transactions will be processed against C&G accounts after Tuesday, July 8, for the fiscal year 2013-14. All transactions after that date will be booked into the 2013-14 fiscal year.
Any exceptions to this policy will require authorization from the Office of Research Administration (ORA) prior to submitting the YE document. ORA approval may be granted if there is a compelling reason and if the transaction does not affect financial reporting of the C&G account to the agency (for example, financial reports on many State of Indiana awards are due by July 15th, which would preclude any YE documents after First Closing). ORA staff will not enter a note confirming the authorization – the initiator of the YE document is responsible for including a note on the YE document indicating that ORA approval has been obtained, and naming the ORA staff member with whom the transaction was discussed.
Please review the ORA policy on Cost Transfers, to learn more information about timely transfers of expenses to and from grant accounts. Cost transfers outside 90 days or across fiscal years are more heavily scrutinized. If you have any questions or need more information, please contact please contact ORA at firstname.lastname@example.org.