Since most Contract and Grant (C&G) accounts do not expire at the university’s fiscal year, Year End (YE) documents are generally not required on C&G accounts. If it is necessary to process a YE document because a non-C&G account is involved, then YE documents may be processed until First Closing. All cost transfers for Fiscal Year 2023 affecting C&G accounts must be completed by First Closing.
Note: Even though non-C&G accounts may close after First Closing, units should not wait until after First Closing to review those accounts.
No transactions will be processed against C&G accounts after Wednesday, July 5, for the Fiscal Year 2023. All transactions after that date will be booked into Fiscal Year 2024.
Any exceptions to this policy will require authorization from the Office of Research Administration (ORA) prior to submitting the YE document. ORA approval may be granted if there is a compelling reason and if the transaction does not affect financial reporting of the C&G account to the agency (for example, financial reports on many State of Indiana awards are due by July 15, which would preclude any YE documents after First Closing). ORA staff will not enter a note confirming the authorization – the initiator of the YE document is responsible for including a note on the YE document indicating that ORA approval has been obtained and naming the ORA staff member with whom the transaction was discussed.
Please review the ORA policy on Cost Transfers to learn more information about timely transfers of expenses to and from grant accounts. Cost transfers more than 3 months from the month of the original transaction, or across fiscal years, are more heavily scrutinized. If you have any questions or need more information, please contact ORA at email@example.com.