How does the biennium crossover impact grant and contract budgets?
While this transition has its biggest impact on state budgets, all UW budgets are impacted, including grants and contracts. 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 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 will see discrepancies between GCA's report or invoice and the MyFinancial.desktop Budget Summary for the period. During biennium crossover, the month of June does not completely close in UW's system until August. In order to submit invoices and reports due before that final close date, GCA must work with the partial June data. June transactions not included on an interim report or invoice will be included in the next report/invoice to the sponsor.
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, 2021, please create a Variable Reporting Period Budget Summary report. This will ensure that your financial report is consistent with the financial reports created by GCA. More details about this report, including the required end date, will be provided in 2021.
Impacts on final reports and invoices
In most cases, budgets ending June 30 will have a FINAL reporting or invoicing deadline 60 to 90 days after the end date, allowing GCA to prepare and submit final reports and invoices 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, you will need to tag transactions in the Non-FEC Cost Share Application before the biennium close is completed. More details about this process will be provided in 2021. After the biennium close, charges from the previous biennium will no longer be available to tag 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.