Greetings Colleagues,
In light of more recent conversations regarding Workday conversion, we are modifying the process so that it is simpler to understand what current state budgets will convert and how they will convert.
All Fixed Price Surplus (FPS) budgets that are in status 1 or 3 will be converted to a residual balance worktag with a 0% F&A rate. In order to align the accounting and revenue recognition with accrual accounting standards, the F&A revenue will be recognized and recorded when GCA transfers the direct cost portion of the unspent balance from the sponsored program to the residual balance worktag.
Conversion Process
- If your unit has already mapped your FPS budgets in the UWFT Budget to Worktag Mapping Workbook, the conversion will follow the values that you have mapped.
- If your unit has not mapped your FPS budgets, the deadline to complete the mapping is May 31, 2023. Please reference the FDM Change Request process of the Foundational Data Model to complete.
- If your unit has not mapped your FPS budgets and does not complete the mapping by May 31, 2023, the budget will convert with the Cost Center already mapped in the UWFT Budget to Worktag Mapping Workbook.
After conversion, if multiple residual balance worktags exist per unit, we will reach out to the unit to determine where the balance should be transferred at time of closeout. We recommend that units with multiple residual balance worktags consider consolidating them into one worktag. This will reduce administrative burden within the unit and streamline the award closeout process.
If you have any questions about this topic, please send an email to gcahelp@uw.edu. More information on this process will be presented at an upcoming MRAM.
Sincerely,
Grant and Contract Accounting
Questions? Email: gcahelp@uw.edu