How does the fiscal close impact grant and contract budgets?
The biennium crossover from 2017 to 2019 is now upon us. While this transition has its biggest impact on state budgets, all UW budgets, including grants and contracts, will be impacted. In particular, the crossover limits the availability of certain UW systems and requires additional oversight from departments to ensure that all transactions belonging to the 2017 biennium are posted appropriately. Procurement Services has an excellent Biennium Close page, including a regularly updated schedule of all key deadlines by system/transaction type.
Impacts on interim reports and invoices
In addition to the issues impacting all UW budgets, departments whose grant or contract budgets require interim invoicing or financial reporting for a period ending 6/30/19 will see discrepancies between GCA's report or invoice and the MyFinancial.desktop Budget Summary for the period. This is because, during biennium crossover, the month of June does not completely close in UW's system until August. In order to submit invoices or reports due before that final close date, GCA must work with the partial June data.
If your sponsor requires backup documents to be submitted with an invoice, please wait until GCA has posted the June invoice to GrantTracker before compiling the necessary paperwork. This will ensure that your documentation matches the expenditure total on the invoice.
If you are responsible for preparing an interim financial report for the period ending June 30, please create a Variable Reporting Period Budget Summary report with an end date of July 5, 2019, so that your financial report is consistent with the financial reports created by GCA.
Impacts on final reports and invoices
June transactions not included on an interim report or invoice will be included in the next report/invoice to the sponsor. In most cases, budgets ending 6/30/19 will have a FINAL reporting or invoicing deadline 60 to 90 days after the end date, allowing GCA to prepare and submit after the final June close. However, if your budget's final invoice or report is due less than 60 days after the budget ends, please ensure that GCA is informed of any pending transactions at least two weeks prior to the report/invoice due date.
Impacts on cost share reporting
If you are reporting non-FEC cost share from a biennium-based contributing budget, please be sure to tag all 2017 biennium transactions in the Non-FEC Cost Share Application as soon as possible and before the biennium close is completed. After the close, 2017 biennium charges on these budgets will no longer be available for tagging as contributions.
Also, please note that cost share applications will be unavailable for approximately ten days beginning July 1. Wherever possible, please complete all cost share reporting actions by the end of June.