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SPA Fiscal Year-end Reminders

Published June 23, 2020

The last day of the fiscal year is Tuesday 6/30.

Please see the year-end closing schedule for important dates/deadlines for FY20 and FY21 document processing.

FY20 Payroll Cost Transfers (PCTs) need to be submitted to Payroll by July 2nd, by 5:00 p.m. to be keyed as an FY20 transaction.

Journals and PCTs require a complete explanation which includes the date of discovery, how the error was discovered and a description of what happened. AIS Journals also require cross referencing to the actual transaction in the Shared Docs section of a Trailing Document. An actual transaction is: a CK (check), TR (travel report), RP (procard), ID (interdepartmental order) or JR (journal).

Remember that LC22 funds have GTD history which means the budget, expenses, and free balance roll over to the next FY unlike LC12 accounts which only reflect YTD activity.

Even if SPA funds expire 6/30/20 and you have expenses to apply that aren’t completed in FY20, they can usually be processed in FY21 and SPA can temporarily open the fund in FY21 for you to process transactions.

June overhead & cost sharing runs at noon on July 10. For SPA funds you have until July 9th to process FY20 journals.

If you are processing a FY20 journal in FY21 and need the fund extended please let the SPA Grant Specialist know what you are doing. When SPA completes the temporary date extension we have to backdate the profile and extend the date in FY20.

To avoid delays and disapprovals, make sure budgets are not overdrawn, you are using the correct buob code, and that your transactions include the necessary information and justification.

Large purchases in the last 90 days of a fund need additional justification regarding grant benefit and/or the proper allocation based on the time left in project. If the fund will receive a NCE please include that information in your justification.

If you have a fund that will have an overhead rate change from 57 to 57.5, you may want to review and process your FY20 transactions asap. Anything not processed in FY20 will naturally be processed in FY21 with an overhead rate of 57.5%.

After June FY20 overhead posts, remember to review the budget summary as of 6/30/2020, to determine how much directs you may need to rebudget to indirects. See Facilities & Administrative Re-budget template on the SPA website under Resources & Training.

Are you unsure who to contact in SPA?
Please refer to the Award Management section on the SPA website. There you will find contacts for:
OSRS/SPA Award Processing Transition
SPA Teams & Mailboxes
SPA Team Chart
SPA Teams by Fund Code