Hello,
When entering expenditure types on a cost transfer, please use an expenditure type that is on this list in box. Please enter exactly as written to ensure prompt, accurate processing.
https://rice.app.box.com/folder/156749942989
Hello,
Below are a few things to keep in mind when managing your sponsored projects.
Close Date- iO utilizes the close dates to control spending on projects. The close dates are typically set to 45-60 days after the award ends to allow departments adequate time to post adjustments. Note that the expenditure item date of the expense must be within the project period. Expenses must be posted on or before the close date to report the expense via invoice and/or financial report to your sponsor.
Advance Spending- New advance spending awards will be setup initially in iO as an award, and not a Faculty Fund Project task anymore. Once the award has been executed, RCA will update the award budget and project end dates and allow iO to process invoicing.
Deficit/Overspent Projects- Costs in excess of the award amount will be moved to another project on the award. RCA will create the deficit project and move the expense. Essentially, the excess costs will be accounted for and reported as uncommitted cost share. Funding for these costs are managed the same way as your cost share expenses.
Project Tasks and Subtasks– For sponsored projects, all tasks are “Task 1”. For Faculty Funds, there can be multiple tasks and subtasks. Note: When you add subtasks to a task, it makes the original, primary task nonchargeable. If you have expenses, including labor distributions charging to a primary task, but you created subtasks, that expense will not be processed since the expending must occur at the subtask. A new labor distribution schedule will need to be created and sent to Payroll for processing.
Subaward Requisitions- Beginning in January, subawards requisitions are now split into two lines. One line for the amount up to $25K, and the second line for the amount over $25k. This way, when you do your receiving, you can select the first line on the requisition to be paid first, then the remainder on line 2. This will correct the F&A calculation challenges some departments were having on subawards. Correcting F&A on subawards prior to January require submission of a cost transfer form.
Communication– When contacting RCA via the helpdesk, please include the award/project number and your Org number so we can route the request to your accountant for a prompt reply.
Hello,
Several people have contacted RCA and P2P concerning issues when charging a sponsored project. Most of the issues have been corrected by doing the following tasks:
For Sponsored Projects, the following funding sources are used to map the iO projects to the COA. The fund source mapping is based on the Award/Project Type and Task of the Project. Navigating on the Finance Dashboard and selecting the Award/Project Org and Fund Source to see the transactions.
Below are the Funding Sources for PPM Projects:
The Fund Source for Sponsored Projects are:
For Cost Share and University Award Projects, the Fund Source defaults to the values below. For Faculty Funds, the funding source is derived from each task on the Faculty Fund. To see the expenses that need to be funded for University Awards, Cost Share, and Faculty Fund projects, navigate to the fund balance report on the dashboard to see the expense and funding activity.
For Cost Share Projects, Deficit Projects, and Salary Cap Projects, the Fund Source is:
For University Awards, the Fund Source is
For Faculty Funds, the Funding Sources are:
Navigating in the Finance Dashboard- Budget to Actuals
Enter the Period Name, Organization, and Fund Source to see the Budget to Actuals information. You can see the beginning fund balance on the fund balance report.
Fund Balance Report
This report shows the beginning balance by Fund Source for a particular Org. The Period Net shows the expense activity in the Period (September 2021) $2,305.50 for an Internal Award.
FAQ 1: What is the process for managing overspent awards in iO?
Once the award has ended, any expenses that are in excess of the award budget are transferred to a Deficit project. RCA will create the Deficit project as needed and move the total deficit amount there. Please create a help desk ticket for this request.
FAQ 2: What is the process in iO to manage the residual balances of fixed price awards?
The procedure for residual funds has been updated on the RCA website. https://controller.rice.edu/rca-fixed-price-funds
These FAQs, and others, can be found at https://controller.rice.edu/rca-faqs
Nick
Hello,
We made a few changes to the form to better explain the data needs. Also included is an example of how to enter data for the converted labor costs. Another tab was added to the spreadsheet to aid in understand where to gather the data for the spreadsheet.
Please use the new form on your next cost transfers.
Nick
This is the final conversion crosswalk for historical data conversion through June 30, 2021.
Crosswalk for all Banner FOAPAL 8122021 A to D76999
Rice‐funded awards that are made to faculty or staff through a competitive process (such as: Faculty Initiative Fund; Enhancing Rice Through Information Technology program; Shell Center; and similar seed funding programs managed by different units) will be established in iO as University Awards.
Each Rice‐funded award will have a unique Award number and be established in iO in the organization of the recipient. RCA establishes the award in iO. The recipient of the Award is responsible for ensuring the funding is transferred to their Org’s funding source. At the closing of the award, unspent funds will need to be returned to the funder of the award.
For RCA to establish the University Award in iO, please provide the following information in a helpdesk ticket in iO:
https://controller.rice.edu/rca-university-awards
Good Morning,
The procedure for performing cost transfers in iO has been updated on RCA’s website. The information below can be found at this link https://controller.rice.edu/rca-cost-transfer
Cost Transfer Process in iO
The process for cost transfers in iO is dependent on the transaction source (converted or iO created) and the transaction type (labor and non-labor).
Cost Transfers for Costs Incurred Prior to July 1, 2021 (Both Labor and Non-Labor Converted Costs)
Cost Transfers for Non-Labor Costs Incurred After July 1, 2021
Labor Cost Transfers for Costs Posted Beginning July 1, 2021
Expenditures associated with Sponsored Projects, Faculty Funds and Capital Projects created and managed via PPM in iO have multiple associated dates. These dates allow for tracking of costs from both a compliance and financial reporting perspective.
Expenditure Item Date
The Expenditure Item Date is the date that a transaction occurs. For sponsored projects, the Expenditure Item Date of a transaction must be within the period of the grant in order to comply with the terms of the award. Expenses with an expenditure item date outside of the project period will fail to post on the project in iO.
Creation Date and Accounting Date
A transaction’s Creation Date is the date the transaction is loaded into PPM, while the Accounting Date is the date the transaction is recorded in the General Ledger (GL). These dates are used for financial management and reporting purposes. These dates may differ depending on the timing of the accounting process for each module.
Example:
Assume that following completion of a business trip, a staff member has created and submitted an expense report, and all of the approvals (departmental and central) are completed as of June 15. Assume also that the related accounting processes for both PPM and the GL are run on June 15.
If this report contains an expense of $300 for an airline ticket that was paid via credit card on May 15, then the Expenditure Item Date for that $300 in travel expense will be May 15. However, the Creation Date and Accounting Date for that $300 travel expense will be June 15, as that is the date the accounting process for the expense was completed.