OGC News - February 2022
Financial Services Connection
Feb 15, 2022
OGC CONTRACTS
Outgoing Subawards
We have updated our outgoing subaward template to incorporate the new FDP template format.
There is a new contract packet template available on our website for use as of 1/1/2022. Please use this new format for all new subaward or subcontract requests.
Sponsored Projects: Contract v. Amendment Routing Reminder
All new agreements for sponsored projects should be routed in InfoEd. Please use the OGC continuation formstack request link only for amendments or modifications to existing agreements that have an existing InfoEd proposal number.
A contract is a legally binding agreement between two parties. Anything that binds the University to certain terms and conditions is considered a contract. Once signed, this formalizes the terms between the University and external party to start the project.
An amendment changes an existing contract by adding new terms and conditions, changing existing terms, changing the scope of work details, adding new money, or changing the duration of the agreement. Any amendment will be processed by the same office that is responsible for processing the original agreement.
TRAINING & COMPLIANCE
m-Fin Trial Balance Summary & m-Fin Trial Balance Total
Trial Balance Summary is located in CU Data under Team Content > Finance. This report contains the Balance Sheet Summary and the Revenue and Expenditure Summary within one report, with page breaks by speedtype. Summary presents speedtype-level information
Trial Balance Total is located in CU Data under Team Content > Finance. This report contains Aggregate balance sheet, revenue and expenditure account totals by Org, Fund type, or for a customized group of speedtypes, with page breaks by fund. Total presents fund-level information
Why run a Trial Balance report?
The Trial Balance Report is helpful when starting a monthly reconciliation if you have a limited number of speedtypes that don’t fall into one Org or they are not all from a particular fund. The Trial Balance presents a balance sheet and an income statement for a point in time and focuses on a Fiscal Year. It helps you determine the health of a speedtype.
Reviewing a fund 30?
Where fund 30 is concerned, revenue is a function of expenses and follows expenses. Revenue Recognition is managed in the background by Grants Module processes and is not something end users manually control like expenses. So, don’t place as much weight on revenue as you would expenditures for a fund 30.
Reviewing a fund 10?
In fund 10, budget indicates spending authority. Each campus, in accordance with their respective policies, provides a budget for units to spend throughout the year, instead of cash. Throughout a month, normal activity causes cash to increase or decrease so that the speedtype can balance. That cash balance is consolidated (or rolled up) at the end of each month to a central campus speedtype. This is why you might see a cash balance during the month, but the balance will be zero after month-end close. Other Assets and Liabilities behave as one would expect, regardless of fund.
Terms:
- Current - Shows actuals from this period forward. Allows you to see a specific timeframe within the overall fiscal year. (Ex. Current quarter compared to entire year.)
- GM Sponsor Budget - Refers to budget entered in the Grants Module, which could be different from budget in the General Ledger.
Additional Resources:
- Video highlighting Trial Balance Reports
- Office of University Controller m-Fin Reports training materials
POST AWARD
NIH Guidance on Salary Limitation for Grants and Agreements 2022
On February 10, 2022, NIH (National Institutes of Health) announced updated guidance on Salary Limitations otherwise known as the NIH Salary Cap. The Salary Cap has been updated to $203,700.There is also additional information on the OGC (Office of Grants and Contracts) website in the A-Z section. Use the OGC link for more information about the Salary Cap Calculation related to setting up salary and reporting effort for those whose salary exceeds the cap.
BILLING & ACCOUNTS RECEIVABLE
Looking for a way to confirm if payment has been received? PeopleSoft Finance offers a Billing Inquiry query that provides pertinent details of an invoice including payment details.
Navigate to:
PeopleSoft Finance > Tools and Utilities > Search by Query Name > BILLING_INQUIRY_PROJECT
You can select HTML for quick view within PeopleSoft or select Excel to export the data. Payments received will reflect in either the Receipts column or the OAE column if a corresponding system invoice was unavailable prior to receipt of the payment.
GENERAL ANNOUNCEMENTS
Team Talks - Invoicing
The next Team Talks is scheduled on Tuesday, February 22 at 2:00pm via Zoom.
This Team Talks presentation will provide an overview of billing processes including constraints and tools within the PeopleSoft Finance system. We will discuss the various contract types, demonstrate the expense lifecycle from expense module through billing, and review pertinent topics that impact billing such as deadlines and budget deficits.
Presenters: Koffi Gnatsidji, Julie Burger, and Morgan Hubbard
Future Team Talks Topics
- March 29, 2:00pm - What Goes into a Contract Review
- April 19, 11:00am - Cost Transfer
- May 11, 12:00pm - PI Transfers
Please join us in welcoming some of our newest team members...
Aaron Dimmer
Aaron spent his first 13 years in Phoenix but then moved to Colorado and has been here ever since. He has worked previously in higher education (15 years in Financial Aid) and received a Business Administration degree from Arapahoe Community College. Aaron, his wife, and young daughter are excited to move into their new home this summer provided there are no supply chain delays. In addition to spending time with their two adopted cats (Calvin and Hobbs), he enjoys keeping up with his little girl, cooking, making BBQ for the family, seeing movies, and playing games with friends.
Lucy Donovan
Lucy joined OGC two years ago and recently moved from the Billing team to Post Award. She's originally from southern New Mexico but has lived in Aurora since 1995. After earning a bachelor's in Accounting from New Mexico State University, she has obtained experience in the oil and gas industry followed by working in the Grant Accounting department at New Mexico State University. Before being hired at CU, she was a treasurer for a church in Centennial. She is married and has three boys, two rabbits, and two doodle dogs. They are a Scouting family who climb 14ers, canoe the Boundary Waters of Canada, and backpack in northern New Mexico.
Grace Linz
Grace is originally from Huntington, WV and graduated from Marshall University with a BA in Political Science & a Religious Studies minor. Prior to arriving at CU, she was involved with creating and implementing grant projects/programs to address the opioid crisis at the state level. She enjoys hiking, roller skating, collecting records, baking, listening to a true crime podcast, and playing with her cat, Pip.
Martin Ngo
Martin moved from Northern California at a young age to Colorado. He went to the University of Colorado Denver and graduated with a Bachelor of Science in Finance. Before coming to CU Anschutz, he was working with a wealth management company, Empower Retirement. After about four years in the financial industry, he was fortunate enough to join the University which he is enjoying very much. In his free time, he likes doing things in the great outdoors specifically camping, mountain biking, archery, fishing, and kayaking. When hanging out closer to home, he enjoys cooking, board games, reading, and socializing with friends and family.New Posting - Post Award Administrator
Please watch for a new posting in CU Careers for a Post Award Administrator.
We want to say “Thank You” to Yves Ochoumare for his 7 ½ years of service on the Post Award team. We wish him the best in his new endeavors!
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