Purpose

The following guide is intended for Clinical Research Finance Managers who are looking to view or complete any of the following actions:

· Close out a project and an award along with important policies and deadlines.

Terminology

· Award: Clinical Research Studies Trial (CRS) Awards are grants, funding, or financial support provided to researchers or medical institutions to conduct clinical trials and studies. All clinical study projects managed by OCR/CTFG will start with "CRS".

· Project: Contains financial and demographic information at a more granular level of detail than the award.

· Contract: Vehicle for processing revenue and invoices according to configured methods and controls.

· Burden Schedule: Tool for calculating and applying F&A or any other rate-based add-on cost.

· Project Status: The project status can be Active or Closed

· Award Status: Award status can be set to Active, Closed, or Expired.

Prerequisites

Checklist to review and process before navigating to Oracle Cloud system to close out project and award:

· All transactions have been processed and encumbrances cleared.

· Generate Initial Closeout checklist prior to award close.

· Complete closeout checklist, analysis, and certification.

· Review Expenses:

· For Federal Funded Fixed Price Passthrough studies, Review expenses to confirm they are allowable and fall within project dates. If trailing expenses occur, they should be adequately documented. For All CRS Awards, process any necessary Cost Corrections in Oracle for non-salary expense and Payroll Transfers in Workday for salary. Confirm all supplier invoices have been paid.

· Subcontracts:

· Confirm that final invoices are received and paid for all subcontracts on the award.

· For Subcontracts on Clinical Trials, a PO is only set up when an invoice is received. When the invoice is received, the PO is then set up in the exact amount of the invoice. CRS shouldn’t have any open PO balances. For Example: CRS may execute a subcontract with a site, but payments are dependent upon enrollment. If that site never enrolls any patients, then CRS wouldn’t pay out any funds, and a PO isn’t necessary. Enrollment between sites is competitive, so there is no projected PO amount to encumber.

· F&A check:

· Confirm that F&A has been accurately assessed. Process corrections for any discrepancies.

· Cash Balance > 0: Residual Balance Transfers (amount paid by sponsor exceeds final expenses):

· Process transaction to transfer unexpended funds to non-sponsored "accounts" per UChicago policy. Examples include: IADF “account” for PI, Program Support “account” for PI/Program, or a Section/Department “account”. If the Award is ending in deficit, determine which non-sponsored “account” the deficit will be cleared from.

· Unapplied Cash: Receive and Process Customer Payments (AR.030).

· Confirm that Expense, Revenue and Invoiced amount match: Verify revenue, invoiced amount, and cash received are all equal. Resolve any discrepancies via appropriate process above.

· Final Financial Report: Prepare, gather approvals, and submit final Financial Report to sponsor if applicable.

· Budget: Reduce project budgets to equal final expenditure/invoice amounts. The Final Budget amount should equal final expenditure amount and also total amount invoiced for Award.

· Correction needed to reconcile balance.

· Write Off: Manage Bad Debt.

· Correction needed to reconcile balance.

· Refund: Refund a Customer.

Close Out a Project and an Award

1. Login using Company Single Sign-On to access your Oracle account.

2. Select Projects.

3. Select Project Financial Management.

4. Expand the Search section.

5. Enter the fields of Project Name or Project Number.

6. Select Search.

7. Highlight the project row.

8. Select the Taskbar.

9. Select Manage Financial Project Plan.

10. Expand the Project.

11. Select the Finish Date for General Expenses and update to today.

12. Select the Subawards and update to today as well. NOTE: If the date is already backdated, no need to update.

13. Select Save and Close and then Done.

14. Select the Taskbar.

15. Select Manage Financial Project Settings.

16. Select Edit.

17. Select today’s date for Finish Date.

18. Select Save and Close. NOTE: If the date is already backdated, no need to update.

19. Under the Project Status area, select the Change Status button.

20. Change Status to Close and add Comments (optional).

21. Select Save and Close and then Done.

a. The project is now Closed. Next, the Award needs to be closed, which will be done by closing out the Contract.

22. Navigate to Contract Management.

23. Navigate to Contracts.

24. Search the Contract Number.

25. Select the award number hyperlink.

26. Select Actions and Close.

27. Select reason for closing the contract from the dropdown list.

28. Select Save and Close. NOTE: Closing out the Contract automatically closes the Award.

29. To check the Award is closed out when you closed out the Contract, Navigate to Grants.

30. Navigate to Awards.

31. Navigate to the Taskbar.

32. Navigate to Manage Awards.

33. Search for the Award in the search bar.

34. Navigate to the Award to ensure the Award is closed.

35. Navigate to the bottom to the Award Projects area to ensure the project related to the Award is closed.

a. NOTE: If multiple projects are associated with an award, close any other projects associated with the award by performing steps 1-20.

You have now completed the process of Closing Out a Project and an Award.