An overdraft/overrun is created on a sponsored project when the expenditures exceed the allowable budget. When this occurs, Compass will not allow invoicing or drawdowns to be processed. Delayed invoicing can result in lack of reimbursement for expenditures. In order to avoid loss of funding, a new University policy has been issued providing OGCA with the authority to remove these overruns to insure timely billing and draw downs. The risk related to this area has become significantly larger for all awards issued under HHS (including NIH) as they have or will soon transition to the new payment management system where funds are available for only 90 days following the end date.
Smartkeys have been set up for each department to where these overruns will be written off. Write-offs will occur only if the expenses have not been removed by 60 days following the end date. OGCA will send a notification to the department one week prior to the write-off occurring. This policy is available at http://policies.emory.edu/7.27 and policy formally documents OGCA’s authority to remove sponsored award overruns/OLT items to the department overrun smartkey to ensure appropriate invoicing can be completed in the event a department does not clear the overrun/OLT in a timely manner.
Questions regarding this policy should be directed to your OGCA assigned representative or help desk.