- Sponsored projects are generally financed as cost reimbursements – expenditures are made on a project and the sponsor is then billed for those expenditures.
- ORS Accounting is responsible for preparing all sponsored projects invoices and/or drawing down cash on letters-of-credit (LOC) awards for sponsors that use LOC systems instead of invoicing.
- For instructions on how to view periodic and/or final invoices that have been submitted by ORS accounting to the sponsor follow this link: http://www.ors.hawaii.edu/files/KFS_View_Invoice.pdf
- If a sponsor requires detailed costing information or additional costs breakdown, the departmental fiscal administrators (FAs) are responsible for providing this information to ORS Accounting.
- Prior to the closeout period, ORS Accounting will request confirmation from FAs and principal investigators (PIs) to ensure all the expenditures are recorded in the UH financial system, KFS.
Before responding to ORS Accounting’s confirmation request for the FINAL LOC drawdown or submitting the FINAL invoice to the sponsor, it is the FA’s responsibility to confirm with the PI that all expenditures are recorded properly in KFS
The fiscal administrator should verify and check that:
- All encumbrance(s) are liquidated in KFS;
- There are no RCUH FREDI suspense transactions;
- There are no KFS continuation account transactions that should be transferred to the project account
- Costs are recorded to correct budget categories;
- The fiscal administrator should verify and check that:
- Once ORS Accounting receives the confirmation from the FA to close the account, ORS Accounting will file the final financial reports and submit final invoices and/or LOC, no further expenditures will be allowed.
- The department/unit will be responsible for all expenditures made after the final financial report is submitted.
- If no response or notification by the FA is received within a reasonable amount of time that it is okay to finalize an account, ORS Accounting will file the final financial report and a copy will be sent to the FA, PI, and Dean/Director and any additional expenditures made will be the responsibility of the department/unit.
- ORS Accounting prepares periodic and financial reports as required by the sponsor.
- As indicated previously, if a sponsor required detailed cost information, the departmental fiscal officers are responsible for providing this information to ORS Accounting.
- Once the final financial report is filed with the sponsor, no revisions to the final report will be allowed. The department/unit will be responsible for any additional expenditures made to the project.