Fiscal Year-End Closing Steps for Contracts and Grants

Contracts & Grants Accounting will distribute lists of overdrafts in sponsored funds to Finance Directors in May and June (based on April and May ledger respectively).

Departments should use the overdraft list to do the following:
  • Clear overdrafts for projects that have ended and are not expected to continue.
  • Request a RAS for awards that are expected to receive additional funds: http://www.research.uci.edu/sponsored-projects/contracts-grants-admin/pre-award-admin/pre-award-spending.html.
  • Work with C&G Accounting to review inactive gift accounts and close out accounts with a zero balance.
  • Private contracts in fund range 57100-59993 will be zeroed out by Accounting if they have a negative balance so that the fiscal year can be closed. These entries will reverse on the July ledger, and the overdraft will be reinstated.

If you have any additional questions, please contact the C&G Accountant responsible for the award: http://www.accounting.uci.edu/cg/fund-assignments.html.