The Office of Post-Award Services and Financial Compliance (PASC) has established a process to mark speedtypes inactive for closed and finished projects throughout the fiscal year. This will prevent continued expenses posting on the cost share of expired accounts. Review guidance for how to request speedtypes be marked inactive. Speedtypes marked as inactive will still appear on a department’s income and expense monthly reports. However, no additional expenses can be charged to the speedtype, including cost share. Speedtypes marked as inactive will be included on the list to be deleted in July as part of the year end close.
Please note: In order for a speedtype to be marked inactive, the Total to Date Expenses must equal the Total to Date Revenue and the Budget. Additionally, all outstanding revenue must be received.
We hope the ability to make speedtypes inactive throughout the year will cut down on the number of required adjustments throughout the year. The form and guidance for requesting speedtypes to be marked as inactive is posted on the forms and policies page of the ORTM website.