On September 1, 2021, we launched four new/updated policies related to award close outs. These polices were developed in collaboration with RAS leaders, CBOs, and ORA leaders. They were designed to ensure sponsored awards are closed out promptly in COMPASS. This will benefit our research community by streamlining the process of award close out. These policies will provide for a timely close out of awards with sponsors, reduction of time spent on small balance items, elimination of charges being posted to ended awards inadvertently, and efficient funding of deficits and residual balance transfers.
- Small Balance Write Offs – this policy provides the authority for Research Grants and Contracts to clear small cash balances between (-$500 and +$500) to a central Compass project.
- Residual Balance Transfers – this policy documents requirements to process a Residual Balance Transfers which will eliminate delays in the process.
- Overruns/Deficits -this policy requires timely attention to clearing of deficits and describes processes when deficits are not cleared within the required timeframe.
- Award Closeouts – this policy clarifies the requirements necessary to close out awards in COMPASS.
The policies are available on the Emory policy website https://policies.emory.edu/