Understanding Marginal Rate of Technical Substitution in Economics
In economics, the Marginal Rate of Technical Substitution (MRTS) plays a crucial role in analyzing how factors of production can be substituted efficiently to maintain output levels. An explanation of MRTS, isoquants, factor combinations, and their significance is provided in detail with graphical representations for better comprehension.
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GCA UPDATE MRAM June 13, 2024 Juan Lepez, Director Grant & Contract Accounting
AGENDA 1. Residual Balance Process 2. Washington State Estimate Letters 3. Backlog Updates 4. Fiscal Year End Resources MRAM Juan Lepez Grant & Contract Accounting
RESIDUAL BALANCE PROCESS > Processed journal in May to charge F&A on residual balance stand-alone grant worktag or cost centers with residual balance resource worktag > Can use Workday Actuals Summary with Statistics Accounts R1300 report to see balances > Current closing process for residual balance transfers is similar to pre-Workday Finance > Visit GCA's Closing Your Award webpage for more information MRAM Juan Lepez Grant & Contract Accounting
WASHINGTON STATE ESTIMATE LETTERS > UW is required to send June invoice by July 12 or estimate by July 24 o The State will encumber FY24 funds needed in FY25 o Awards not invoiced or included in the estimate will lose access to FY24 funds > GCA will send the invoice or the estimate o Award Portal tickets will be sent the week of June 17 to gather information for estimates > Forward sponsor estimate communications to gcahelp@uw.edu > Visit GCA's Washington State Estimate Letters webpage for more information MRAM Juan Lepez Grant & Contract Accounting
BACKLOG UPDATES > Update on GCA's goal to eliminate backlogs by June 30, 2024: o Award Setup and Reporting are on schedule o Invoicing: Refining metrics but continue to make incremental gains in different invoicing processes o Closing: Team started late. New goal will be decided in the coming months as business processes are defined > Visit GCA's Workflow and Backlog Tracking webpage for weekly updates MRAM Juan Lepez Grant & Contract Accounting
FISCAL YEAR END (FY24) RESOURCES > Visit Procurement Services Fiscal Year End Close webpage and Financial Reporting s Year-end Close & Reporting webpage for more information > Submit your UW Connect Cash Remittance Request Form as early as possible o Cash must be deposited at the bank on or before Friday, June 28, to be considered FY24 MRAM Juan Lepez Grant & Contract Accounting
QUESTIONS > Questions can be sent to gcahelp@uw.edu MRAM Juan Lepez Grant & Contract Accounting
