{"id":7578,"date":"2023-03-22T11:36:10","date_gmt":"2023-03-22T17:36:10","guid":{"rendered":"https:\/\/www.research.colostate.edu\/osp\/?p=7578"},"modified":"2026-01-29T16:33:19","modified_gmt":"2026-01-29T16:33:19","slug":"sweep-process-changes","status":"publish","type":"post","link":"https:\/\/www.research.colostate.edu\/osp\/2023\/03\/22\/sweep-process-changes\/","title":{"rendered":"Sweep Process Changes"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Current Process<\/h2>\n\n\n\n<p>The Fixed Price Project meets all the sweep criteria (all the funds have been received, no funds required to be returned to the sponsor, no amendments or NCEs expected, and all the deliverables have been met), and the 5-3 account is put into \u201csweep status.\u201d The remaining balance stays in the 5-3 and is available for discretionary spending until the end of the current fiscal year (FY). Whatever balance is remaining at the end of the FY gets transferred to the 1-6 college sweep account. That transfer is usually done once a year in August.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Changes to the Process<\/h2>\n\n\n\n<p>5-3 accounts will no longer be put into \u201csweep status.\u201d When the 5-3 account meets all the sweep criteria (all the funds have been received, no funds required to be returned to the sponsor, no amendments or NCEs expected, and all the deliverables have been met), the funds will be transferred to the 1-6 college sweep account. The transfer to the 1-6 college sweep accounts will be done on an ongoing monthly basis rather than once a year. The 5-3 account\u2019s expiration date will not get extended, and the funds will no longer stay in the 5-3 account to be used for discretionary spending.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What\u2019s Not Changing<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>OSP will still give the department 90 days before asking if it\u2019s ready to sweep. If it\u2019s ready to sweep before the 90 days, you can still contact your OSP Financial Research Administrator (FRA) to get the funds transferred.<\/li>\n\n\n\n<li>A monthly sweep report will still be sent to the OSP FRAs and the College Business Contacts.<\/li>\n\n\n\n<li>OSP FRAs will still be contacting the Fiscal Officers to find out if an account can be swept.<\/li>\n\n\n\n<li>If the account\u2019s remaining balance is less than $100, it will still be transferred to the OSP account that covers shortages.<\/li>\n\n\n\n<li>The 5-3 account will still need to meet sweep criteria before the transfer to the 1-6 college sweep account can be done.<\/li>\n\n\n\n<li>A Distribution of Income and Expense document to recognize revenue will still be completed by OSP.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">When Does This Change Take Effect?<\/h3>\n\n\n\n<p>The process change will begin on July 1<sup>st<\/sup>, 2023. The first sweep report for FY24 will be sent out in August 2023. Any accounts ready to be swept in August will follow the new process, and the funds will be transferred to the 1-6 college sweep account that month.<\/p>\n\n\n\n<p>Accounts that were put into sweep status in FY23 will all be included in the last year-end sweep transfer this August 2023.<\/p>\n\n\n\n<p>We are finalizing the updates to the Sweep FAQs, Sweep Decision Tree, Sweep Flowchart, and Sweep Process Quick Clip found on the OSP website. The updated documents will be added to the website in July.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why Are We Making This Change?<\/h3>\n\n\n\n<p>Proper accounting, equipment coding, and timely closeouts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Will My Funds In The 1-6 College Sweep Account Be Carried Over To The Next Fiscal Year?<\/h2>\n\n\n\n<p>No. The funds will be subject to standard carryforward policy and process. Contact the Budget Office if you have questions or concerns.<\/p>\n\n\n\n<p><em>Blog post by Chelo Jorge, Financial Research Accounting Manager, Office of Sponsored Programs, Colorado State University<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Current Process The Fixed Price Project meets all the sweep criteria (all the funds have been received, no funds required to be returned to the sponsor, no amendments or NCEs expected, and all the deliverables have been met), and the 5-3 account is put into \u201csweep status.\u201d The remaining balance stays in the 5-3 and [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7578","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.research.colostate.edu\/osp\/wp-json\/wp\/v2\/posts\/7578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.research.colostate.edu\/osp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.research.colostate.edu\/osp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.research.colostate.edu\/osp\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.research.colostate.edu\/osp\/wp-json\/wp\/v2\/comments?post=7578"}],"version-history":[{"count":0,"href":"https:\/\/www.research.colostate.edu\/osp\/wp-json\/wp\/v2\/posts\/7578\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.research.colostate.edu\/osp\/wp-json\/wp\/v2\/media?parent=7578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.research.colostate.edu\/osp\/wp-json\/wp\/v2\/categories?post=7578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.research.colostate.edu\/osp\/wp-json\/wp\/v2\/tags?post=7578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}