Virtual Financial Management Conference - Tuesday Sessions

On October 5, 2023, OMB published a proposal for a fundamental rewrite of the Uniform Guidance 2 CFR 200. The White House announced that “the proposal will materially decrease the burden on recipients of Federal financial assistance, advance equity and job growth across the country, and meaningfully improve the administration of Federal financial assistance.” See links below.

Specifically, OMB states the following reasons for the proposed revisions: “(1) incorporating statutory requirements and administration priorities; (2) reducing agency and recipient burden; (3) clarifying sections that recipients or agencies have interpreted in different ways; and (4) rewriting applicable sections in plain language, improving flow, and addressing inconsistent use of terms.” The comments are due to OMB by December 4, 2023. OMB intends to publish the final revisions by April 2024. Links to the document are shown below.

This session will discuss the general purpose of the Uniform Guidance 2 CFR and dig deep into the following questions:

• What are the major revisions in the proposal?
• How will the revisions impact the administration of your research grants?
• When will the revisions become effective?

Content level: Intermediate

Learning objectives:

1. Understand all the revisions made in the different sections of Uniform Guidance 2 CFR 200.
2. Assess the impact of the revisions on the research administration functions at the institution. Evaluate the cost impact for implementation.

Track: Grant Accounting

Speaker(s): Gil Tran, Senior Specialist Leader, Attain Partner

Do you have questions about the different types of cost share (mandatory, voluntary committed, and voluntary uncommitted)?  What's the difference between cash match and in-kind match?  How do you determine what is acceptable for a cost share package.  What are some of the unusual parameters around using equipment as cost share?  Is it legal to use volunteer time as cost share?  This session will help answer those questions and touch on various issues related to cost share.  Please feel free to bring your cost share concerns for discussion.

Content level: Basic

Learning objectives:

1. Understand the three types of cost share.
2. Develop a cost share package with different components.

Track: Departmental Administration Finance 

Financial Management Certificate Elective: FM(E)

Speaker(s): Fran Stephens, Emeritus Director, Office of Research Services, University of Oklahoma (retired)

Many RAs in central offices cover the whole lifecycle of the grants in their portfolio, from proposal to closeout.  However, financial functions such as invoicing and reporting are often done through separate accounting-based offices, so RAs do "non-financial post-award".  This session will discuss what responsibilities are deemed "non-financial", as well as best practices for fulfilling those roles.

Content level: Basic

Learning objectives:

1. Better understand what "non-financial post-award" means.
2. Better understand how to complete "non-financial post-award" tasks at the central office level.

Track: Non-Financial Post-Award 

Speaker(s): Sean Scott, Contract Manager, UARC, University of Maryland, College Park

This session is designed to provide participants with the essential skills and strategies needed to effectively communicate Indirect Costs (IDC) to executive stakeholders. Attendees will gain insights into the complexities of IDC, learn how to align these costs with organizational priorities, and develop the confidence to present and justify IDC decisions within the regulatory framework of higher education.

Content Level: Intermediate

Learning Objectives:

1. Identifying and understanding the primary cost drivers that impact indirect costs and rate structures.
2. Understanding when and how to evaluate the need for extending the current indirect cost rate.
3. Learning to develop a strategy to plan for an upcoming cost proposal.
4. Identifying how to best engage leadership in the decision-making process with clear, data-driven justifications.

Financial Management Certificate Required Session: Facilities and Administrative Costs: (I)

Track: Financial Leadership

Speaker(s): Kari Kelly, Education & Research Director, Huron Consulting Group; Julie Schwindt, Director Post-Award Accounting & Administration, The University of Mississippi Medical Center

COGR and FDP are organizations that represent and support research institutions in their efforts to address the administration of federally sponsored research. While COGR advocates for effective and efficient research policies and regulations, the FDP facilitates collaboration between federal agencies and FDP member institutions. Both include committees that focus on financial and cost accounting, audits, and financial compliance. Join us for an overview of these organizations and their work to support efficient and effective financial management of federal funds.

Content level: Basic

Learning Objectives:
1. Participants will have a better understanding of the missions of COGR and FDP.
2. Participants will know about COGR and FDP initiatives and priorities related to financial management of federal funds.

Speaker(s): Cindy Hope, Director, COGR, Christi Keene, Senior Director, Research Finance, University of Chicago

Sometimes the most effective collaborators to achieve funded research objectives to address important public needs are wary of the administrative burdens associated with federal awards. This session is designed to walk participants through the process of awarding a first-time subrecipient with federal funding, a task that can require a substantial amount of training both to the PTE PI and to the subrecipient team, as well as clear and concise financial monitoring. This session aims to guide participants through this process beginning at proposal preparation all the way through award closeout and final financial reporting. We will cover PTE obligations under Uniform Guidance and review applicable federal regulations and compliance requirements.

At UMass Boston, the subaward team has been working on an innovative and collaborative approach to subaward monitoring, and we are eager to present our best practices and lessons learned to our colleagues.

Content level: Basic

Learning objectives:

1. Provide in-depth training to new subrecipients on federal subaward compliance.
2. Identify areas of potential concern when evaluating subaward financial reporting and invoicing and work cohesively with subawardees to mitigate problems before they arise.

Financial Management Certificate Required Session: Subrecipient Monitoring (V)

Track: Grant Accounting

Speaker(s): Ashley De Pasquale, Financial Research Specialist, UMass Boston; Nicole Cohee, Manager, Attain Partners

This presentation will be a space to acknowledge the unique workplace dynamics in higher education that occur between faculty and staff. Both strive for excellence in research, education, and experience but are subject to separate hierarchies and timelines which can create stress points and poor communication. Our focus will be on good-faith interactions that can unravel and will utilize current data and research. Outcomes: Learn how to build a long-term efficient partnership based in trust that shares transparent goals and takes advantage of independent strengths.

Content Level: Intermediate

Learning objectives:

1. Summary of generalized motivations, expectations, and strengths of faculty and staff; to notice where they diverge and intersect.
2. Strategies for establishing trust, healthy boundaries, managing difficult conversations, and examples on how to say “no” when needed.

Track: Departmental Administration Finance

Speaker(s): Hillary Sparks, Senior Director, Northwestern University

F&A/Indirect Cost Rate recovery is critical to an institution’s ability to support their research mission. In this session, participants will gain a foundational understanding of Facilities & Administrative (F&A) and Indirect Cost Rate Proposals. We will cover the essential concepts, methodologies, and regulatory requirements involved in preparing and submitting a F&A Cost Rate Proposal.

Content level: Basic

Learning objectives:

1. Develop a basic understanding of cost principles and development of indirect cost rate calculation in accordance with Uniform Guidance.
2. Gain comprehensive understanding of cost pools and bases, as well as allocation of costs.

Track: Non-Financial Post Award

Speaker(s): Jessica Foster, Higher Education Consulting Analyst, Huron Consulting Group; Sarah Cody, Managing Director, Texas Tech University

The effective date for the new OMB Guidance was October 1, 2024, and many Institutions have questions and expressed concerns as to how best to implement these new guidelines. Institutions must analyze their options and unique impacts of the increased Capitalization Threshold upon their Institution. We will discuss the overall impact of these changes and illustrate the importance of high reliability tracking and management of the attendee's Institution’s fixed asset data, and how these new changes should be reported, both present, and future.

We will stress the importance of accurate asset management and financial reporting for their institution's capital assets such as Land, Land Improvements, Campus Building Infrastructure and Moveable Equipment, which represent the largest capital investment most institutions make, thus the importance of recognizing the overall impact of these changes to the attendees your Institution is of high importance. Now is the time for quality assurance for your inventory and financial reporting processes.

Content level: Advanced

Learning objectives:

1. Have a better understanding how the new revisions will impact their institutions asset management and financial reporting requirements.
2. Share this information with their leadership and colleagues upon their return to their campus.

Track: Financial Leadership  

Speaker(s): Kevin McHugh, Vice President Higher Education Services, Maximus Higher Education Consulting - Asset Management & Valuation Services Practice

Truly successful cloud implementation efforts begin years before any kind of formal kickoff or preparation phase. Financial grant data cleanup activities consistently help institutions prepare for cloud implementations and minimize conversion and other data scrubbing issues during critical cutover phases. Join Huron experts as they discuss strategies for proactively organizing data and prioritizing cleanup activities.

Content Level: Intermediate

Learning objectives:

1. Learn about common financial data issues that arise during implementation, why data cleanup is a critical part of the implementation process.
2. Learn activities institutions can start today to help prime their data for conversion.

Track: Advanced Finance Topics

Speaker(s): Erin Johnson, Higher Education Consulting Manager, Huron Consulting Group

Understanding payment terms and conditions is essential for sound financial management of sponsored awards. Whether you are a pre- or post-award research administrator in a department or central office, grasping how cash flows at your organization and the requirements that must be met to get paid for work on sponsored awards is key. In this session, we will discuss common payment types (cost-reimbursable, fixed-fee, and per-patient payments) and review examples of contractual language for each type. We will delve into the timing of payments and identify red flags in payment terms and conditions. 

Content level: Intermediate

Learning objectives:

1. Differentiate between payment types in sponsored awards. 
2. Demonstrate how the organization accesses cash based on each payment type.

Track: Grant Accounting 

Speaker(s): Kimberly McKoy, Associate Director for Contracts and Grants, North Carolina Technical and Agriculture  State University

This session combines real-world advice in post award with a nostalgic nod to one of TV’s most beloved ensembles. It is tailor-made for department or unit level research administrators who have 3 years or less of experience – but all are welcome! This session will review the Reasonable, Allocable, and Allowable concepts and walk you through the 4 essential practices for managing grants and projects post-award:

1. Read the Award
2. Read Institutional Policy
3. Review Expenses/Encumbrances
4. Review Personnel

We will PIVOT between exploring each key practice and discussing the sections of uniform guidance that form the foundation for these practices. You’ll leave with a deeper understanding of why these tasks matter and how they ensure effective post-award management. Could this BE any more exciting?

Content level: Basic

Learning objectives:

1. Identify 4 best practices for post award management.
2. Examine the uniform guidance foundations for those best post award practices.

Track: Departmental Administration Finance

Speaker(s): Erin Pyrek, Finance Specialist II, Cornell University

In this session, Huron Consulting Group will discuss the ways in which the practice of data analytics can be leveraged in the research community to derive key insights from large datasets. We will discuss in detail an example of a dataset with publicly available audit results, the Federal Audit Clearinghouse Dataset, and demonstrate how information can be extracted from the raw data using data analytics to yield compliance insights that can serve to inform your compliance oversight practices and monitoring efforts.

Content Level: Basic

Learning Objectives:

1. Understand what “data analytics” means and how it can be leveraged to derive insights from data sets.
2. Learn about the Federal Audit Clearinghouse Dataset and what information it contains.
3. Learn how data derived from audit datasets can be leveraged to inform institutional compliance practices and can be used to prepare for your next audit.

Track: Non-Financial Post-Award

Speaker(s): Purshotam Aruwani, Senior Associate, Huron Consulting Group; Webb Brightwell, Higher Ed Consultant, Huron Consulting Group

Every higher education institution (HEI) or organization that receives grant funding is subject to audits by the sponsor at some point. As a result, grantee organizations should proactively prepare for these audits and adopt best practices to reduce the likelihood of audit findings. During this session, the speakers will not only discuss the importance of preparing for audits but also analyze specific audits. They will highlight common areas where multiple institutions tend to fall short, providing valuable insights for the audience.

Content level: Basic

Learning objectives:

1. Analyze specific audit cases during the session, shedding light on common pitfalls where multiple institutions often face challenges.
2. Receive valuable insights from the speakers regarding the identified areas of weakness in audit performance, enabling participants to enhance their audit preparedness and compliance strategies.

Financial Management Certificate Required Session : Internal Controls (II)

Track: Financial Leadership

Speaker(s): Sam Mmombou, Director of Sponsored Programs, University of Nebraska Lincoln, Debra Murray, Assistant Vice President - Sponsored Programs Accounting and Compliance, University of Maryland, College Park

The new salary rate limit will need to be included in future IDC proposals. This session will cover how to calculate this impact along with how to integrate this change into your next IDC rate proposal. 

Content level: Advanced

Learning objectives:

1. Identify the salaries which are subject to the salary rate limit.
2. Calculate the adjustment needed to develop an indirect cost rate compliant with this change in policy.

Financial Management Certificate Required Session : Facilities and Administrative Costs (I)

Track: Advanced Finance Topics

Speaker(s): Eric Wang, Director, Huron Consulting Group