Sponsored and Internal Awards Overspent Balances and Timely Award Close Out

Sponsored awards, Internal awards and Cost Share awards are maintained in the Grants Accounting module and are not permitted to have overspent balances. It is also critical to close accounts in a timely manner to prevent over expenditures and ensure timely financial reporting to external parties. These accounts must be reviewed at least monthly, but departments can, and are encouraged, to review balances more frequently. Accounting corrections are to be submitted within 90 days of the post date in Oracle to correct overspent balances or move remaining balances to close out by the end date. As a reminder, the 90 days is measured from the post date in the General Ledger and the Exp PA date in Grants Accounting. These accounts must meet all fiscal year-end processing dates for accounting corrections. Departments can run a query, by using the Grants Funds Available Dashboard in OBI to identify overspent accounts and end dates. If a department receives a notice of overspending by Grants Accounting or General Accounting, it should be addressed immediately.

To run the OBI query to see overspent PTA accounts, select the following Prompts on the Grants Funds Available Dashboard in OBI:

• Restrict to Overspent PTAs – defaults to N, select Y to view overspent PTAs (Selecting Y provides a list of all overspent accounts)
• Include Closed Awards – defaults to N, select Y to include closed Awards (Selecting Y includes awards that are closed to ensure the balance is correct for the award)
• Include Closed Projects – defaults to N, select Y to include closed Projects (Selecting Y includes projects that are closed to ensure the balance is correct for the project)
• PTA with end date before – end date is entered to view PTAs ending within a specific time period (Selecting a specific date provides a list of PTAs that have ended through that date)
• You can additionally select either Sponsored or Internal awards and specify you’re your Task Org Parent Level (level C) and Parent #/Desc (Planning Unit).

If you have questions, contact Kris Sano at 740-566-0021 or sanok@ohio.edu regarding Internal Awards (awards starting with #4) and Brandie Hawk at 740-593-0726 or hawkb@ohio.edu, or regarding Sponsored and Cost Share Awards (awards starting with a #1, 2, 3, or 5).