Rutgers – OIT Project Management Office 335 George Street Suite 2400 New Brunswick, NJ 08903 MEMO

To:	Project Steering Committee

From:	Project Managers

Date:

Re:	Project – BUDGET CLOSURE MEMO

Cc:

The purpose of this memo is to close the Project budget under XYZ Index/plant fund.

Below is the final project budget summary:

Non Salaried Costs:

Salaried Costs:

Total Project Costs:

Original Project Costs (or Plant fund amount):

Total Project Variance:

Note Any Post Closure Activities: (such as)

Closing any open PO’s

Notifications/Communication of budget closure

[REMOVE THE FOLLOWING PAGES AFTER COMPLETING THE PROJECT CHARTER]

BUDEGET CLOSURE MEMO INSTRUCTIONS

During the Closure Phase of the project, the Project Manager(s) and the Sponsor will follow the required steps to close the Project Budget, which include the following:

Close out vendor invoices

Update Salary Information

Confirm that PO’s have been closed

Cross Reference Banner Reports

Meet with Sponsor, Owner and Finance to transition Index/Fund

The Budget Closure Memo template will be completed by the Project Manager(s) and should include the budget closure information along with any other relevant information and post closure activities related to or affecting the project budget. After completion by the Project Manager(s) the Budget Closure Memo should be distributed to the Steering Committee.

Project Deliverable	Requirements by Project Size
Closure Phase	Large	Medium	Small	Requirements	Approvals
Budget Closure Memo	R	O	O	This deliverable is required for large projects and optional for medium and small projects unless requested by the Sponsor, Steering Committee or IT management.	Not Applicable

BUDGET CLOSURE MEMO EXAMPLE

Rutgers – OIT Project Management Office 335 George Street Suite 2400 New Brunswick, NJ 08903 MEMO

To: eProcurement Steering Committee

From: Frances Haies & Larry D’Ambrosa, Project Managers

Date: August 28, 2009

Re: eProcurement Project – BUDGET CLOSURE MEMO

Cc: David Gabriele, IS&T-PMO, John Quirinale, IS&T- Finance, John Ras, IA

The purpose of this memo is to close the eProcurement Project (Phase 1) budget under plant fund 980762. Please note that there are post closure activities which have been assigned to the Marketplace Systems Administrator., Larry D’Ambrosa.

Since the issuance of the Project Closure report the following has transpired.:

SG IFEP yearly maintenance invoice was paid against this plant fund ($7,653). An additional invoice from SciQuest was received (8/24/09) for travel expenses related to training activities (not submitted previously), with a total value of $1,037.25. Additionally a salary accrual for FY09 occurred in June and will credited to this plant fund in June 2010 (~$1,632).

Final Task

SunGard PO409969 to be reduced to a value of $95,968, should no additional invoices be received within approximately three months of the date of this memo. Larry D’Ambrosa is to be responsible to reduce the PO value so that the remaining PO funds ($2205) become available under the project plant fund. Additionally, the Physical Plant Dept is to reverse a $180 IDT mistakenly applied to this plant fund. Margret Liggins (Physical Plant Dept) has sent confirmation in writing that this would be reversed in August, 2009. These two actions would yield the following project budget summary:

Non Salaried Costs: $1,184,209.69

Salaried Costs: $96,632.46

Total Project Costs: $1,280,842.15

Total Plant Fund 980762: $1,359,400

Total Plant Fund Surplus: $78,557.85

Larry D’Ambrosa is asked to notify the fiscal officer, Tom Kenyon of the SG PO reduction and IDT reversal (with a copy to France Haies. This plant fund will remain open and transferred to eProcurement Phase 2.

If you have any questions or concerns, please feel free to contact Frances Haies. Thank you for your participation in this project and we look forward to working with you in the near future.