Managing Grants

Using Financial Reports from PeopleSoft Finance Module

Grant Summary Financial Report

Monthly Grant Summary Financial Reports are prepared/distributed by the Accounting Services office. These reports are usually distributed on the 10th of each month for the previous month and are sent to the responsible division head (department head, dean or VP.) The Grant and Contract Accounting Office will also send print-outs directly to the principal investigator. Below is a summary of the report features:

• For the Period Ending — This date will be the last day of the month covered by the report.
  
  
• For Org Code: — This will be your grant/contract deptid # assigned upon receipt of your award. The department name should reflect your project title.
  
  
• Account — This 6-digit number reflects the appropriate revenue source code or expenditure code that most closely reflects the source of funds received or the type of expenditure made. This chart of accounts can be obtained from the JMU Financial Procedures Manual.
  
  
• Description — Brief description of account codes
  
  
• Revised Budget — The original budget per your award agreement will be input in this column by the Grants & Contracts Accounting Office. This budget will be input the same as reflected on the Internal Budget you receive in your award binder packet. (If your award crosses fiscal years, your net remaining budget at 6/30 will be your new Revised Budget on 7/1 of the new year. The current financial accounting system does not allow for cumulative, rollover budget tracking at this time.) Any revisions made during your award period will also be included in this column. (Detail breakdown of these figures may be seen by "drilling down" on a particular figure and selecting the "Budget Detail" drill.*)
  
  
• Current Month Expenses & Revenues — All financial activity for the current reporting period will be shown in this column. Revenue collected is shown in parenthesis. Expenditure credits (for return of merchandise, invoice corrections, etc.) and expenditure recoveries are also shown in parenthesis. Both of these transactions increase the cash balance in your department. Normal expenditure transactions DO NOT have parenthesis and decrease your cash balance. Awards that are paid on a reimbursement basis will normally have a negative cash balance until the final payment is received by the university. (Cash balances may be seen by running a Summary Financial — All Accounts report*.)
  
  
• YTD Expenses & Revenues — Same as above but cumulative for the current fiscal year.
  
  
• Bal Before Commitments & Budget Balance — This is the difference between your budgeted amounts and YTD Expenses & Revenues column. The number at the intersection of the BAL BEFORE COMMITMENTS column & the TOTAL DIRECT EXPENSES row is the total you have left to expend on your project prior to the end date.
  
  
• Commitments — This column is not used at this time. (Procurement commitments of large dollar amounts will be reflected in this column once the procurement module of Peoplesoft is operational.)
  
  

Summary Financial — All Accounts

This report* is in balance sheet format and reflects Current Month & YTD Expenditures and Cash Balance by account and includes All Assets & All Liabilities.