Preparing Regulatory Financial Reports, Invoices, and Drawdowns

Preparing Regulatory Financial Reports, Invoices, and Drawdowns

Prepare and submit periodic financial reports to funding agencies

• Some projects require a relatively complex accounting of numerous Datatel object codes divided among various reporting categories. For those projects, arrange the Reconciliation Spreadsheet to automatically subtotal ACC object code expenditures by funding agency categories, or create other tools and spreadsheets to assist with reporting correctly.
• For financial reports, use the most recent account spreadsheet from the T‐drive. On the report form, ensure that current figures are reported for any Indirect Costs/Administrative Allowances.
• Obtain approval and submit the report to the funding agency (by fax, mail, online, or via the operating department, as required). File a copy of the report and source material; forward a copy to the budget authority.
• For final reports, ensure that the account is completely reconciled. Investigate any outstanding encumbrances to determine their most recent status. List all actual expenditures (and updated Indirect Costs/Administrative Allowances), as above. Add any remaining encumbrances that are expected to be paid, and note that fact on the backup. Plan for follow‐up on any encumbrances to ensure that the amounts actually paid match the amounts reported. (If not, submit an amended final report.)

Prepare and submit invoices

• For grant accounts that are funded by contracting agencies, prepare periodic invoices in accordance with the grant contract or in response to requests from the operating department. Ensure that the request includes adequate backup, or obtain backup via Datatel and/or Fortis that matches the requested amount.
• Prepare a computerized invoice in accordance with Grant Accounting’s most recent procedures.
• Attach any departmental request and any required backup to the invoice, and mail the original to the agency. Make sure to keep a copy in the grant folder.
• Prepare a journal entry to set up a receivable for the amount invoiced, and attach a copy of the invoice. Make sure to post this on the reconciliation spreadsheet. Also, make sure to keep track of any outstanding invoices.
• List the amount of the receivable on the Restricted Accounting Receivables spreadsheet.

Drawdowns

• refer to the agency website sections for specific instructions on drawdowns.

Provide fiscal information to operating departments

• 1. After reconciliations are completed and have been reviewed by the director, forward copies of the reconciliations to the budget authorities, along with any analysis, review, or other reports that
• are necessary.
• The GA should provide Reconciliation Spreadsheets and any necessary explanations to the budget authorities of all grant accounts on a regular basis.
• When the GA notices generic problems with expenditures in a restricted account (such as the over‐ or under‐use of budgeted funds halfway through a funding period), he/she will notify appropriate departmental staff and may generate a report or request a meeting to discuss the issues and their potential resolution.

Other Duties

• The GA works with the director to update schedules that are prepared on an excel spreadsheet for the College’s annual audit.
• Part of the responsibilities of the GA is to meet with each Budget Authority on a quarterly basis to go over budgets and expenditures.