1	Grants Management (GM) Focus
2	GM reconciliation/Resolution Section Objectives To familiarize you with the tools resources available To identify what to gather, and what to file according to University document retention and audit requirements To provide you with a check-list of things to reconciliation To Outline troubleshooting actions, and To provide an instructor led step by step walk thru of an actual project reconciliation
3	Tools University policies and procedures for reconciliation and reconciliation Departmental documentation GM Reconciliation Form for Expenditure Projects Discoverer Reports Integrated System standard reports Current data in the Integrated System reconciliation and Reconciliation web site http://www.reconcileorelse.virginia.edu
4	What to gather Prior month reconciliations with any notations for corrections, etc. Department records/documents related to expenditures for Project/Task/Award combinations. Standard (or departmental) Expenditure Project Review and Reconciliation Form
5	Supporting Documentation (What to retain/Suggested Filing Procedure)
6	Supporting Documentation (Record Retention Policy and Procedure) Supporting documentation must be retained in such a manner as to satisfy state and federal records retention requirements. Retention Periods Payroll Records = 5 years + current fiscal year OTPS Records = 3 years + current fiscal year Note: These records may not be destroyed until an approved “Records Retention and Disposition Schedule” (RM3 form) has been submitted and approved. http://www.lva.lib.va.us/whatwedo/records/sched_state/gs102.htm
7	Reports Needed
8	Reconciliation Process Match transaction documentation to transaction listings on the Expenditure Detail report Make note of missing documentation Make note of any amount discrepancies
9	What to look for Do you have the documents related to the expense (including receipts for purchases made with a Purchasing Card), and do they match the charges? Do you have the required documentation for non-travel and non-petty cash expenditures?
10	What to look for Are there any unusually large or small expenditures in relation to the budget, prior months' trends, or other expectations?
11	What to look for Do you see any unexpected charges? If so, note follow up action required. Are there expected charges which are NOT here? If so, note follow up action required? Have all LPO's been recorded? If not, contact the purchaser for the information.
12	What to look for Have the correct PTAEO's been used? If not, note corrective action required. Do you see any unallowable costs based on University procurement regulations or OMB-A21 guidelines (e.g. improper recording of equipment or salaries)? [See CAS Guidelines],=. If so, note corrective action required.
13	What to look for Are travel expenses reasonable and allowable (e.g., pre-approved where necessary, receipts for actual expenses)? Has all original documentation of travel expenses been sent to Procurement Services, Accounts Payable Division?
14	What to look for Are petty cash expenses reasonable and allowable? Has all original documentation been sent to Procurement Services, Accounts Payable Division? Have appropriate credits been recorded properly (e.g., expense transfers or credits, sales of surplus property, program income)? Referred to as recoveries.
15	What to look for Have salaries been charged appropriately? If not, note corrective action required, both in the GM and LD modules. Have charges from internal service providers been recorded properly? If not, note corrective action required. Is the Project Manager Information correct and up to date?
16	Final reconciliation Steps Compare Budget to Actual Expenditures and commitments Transfer information to Expenditure Project reconciliation and Reconciliation form Note missing documentation and discrepancies for follow-up The Reconciliation form requires the preparer and approver/reconciliationer signatures. Both parties must understand the process.
17	What to look for Is this project headed for a deficit condition? If so, are there actions you need to take? Is this project nearing its "close date"? If so, are there actions you need to take?
18	Trouble Shooting Expenditures Taking needed actions: Cost Transfers Seeking Missing Documents Tracking down transaction discrepancies Requesting budget increase or decrease as appropriate Finalize all transactions due to clear on closing projects and/or awards.
19	Additional Reports LD_Labor Suspense Project Balance Report FM_OTPS Suspense Project Balance Report Held Payment Vouchers Held Invoices Matched to Valid PO Held Invoices With No Valid PO
20	Final Reconciliation Steps Be sure to obtain preparer and approver signatures on either form or report File form and/or report that shows signatures along with supporting documentation Suggest filing by PTA combination, then by date within PTA Combination. This will allow for easy access by auditors.