Financial Reporting and Closeout of Sponsored Projects

Effective Date:January 1, 2007

Executive Summary

In accepting a grant or contract from a governmental agency, private foundation, or industry or other sponsor ("Sponsored Project"), the University is obliged to comply with a number of rules and regulations promulgated by that sponsor. Among those obligations is the requirement the timely submission of financial reports to those sponsors. Federal regulations require that Financial Status Reports be submitted within 90 calendar days following the expiration of either the budget year of the project (as is the case for Program Project and similar awards), or more commonly, following the expiration of a competitive segment of a Sponsored Project. For other sponsors, reporting deadlines vary and are dictated by the policies of those sponsors or stated terms and conditions of the award.

The Restricted Funds Division of the Office of the Controller ("Restricted FundsÓ is responsible for the preparation and submission of financial reports to sponsors. Principal Investigators are responsible for the ongoing review and monitoring of charges to each Sponsored Project, and for providing accurate and timely reconciliations on which to base those financial reports. In addition, Principal Investigators are responsible for ensuring that any charges and/or adjustments necessary to insure that the expenditures reflected on financial reports agree with those recorded in the University's accounting records for each Sponsored Project.

Reconciliations must be submitted to Restricted Funds no later than 30 days prior to the date that the financial report is due to the sponsor.

Reason(s) for the Policy

To provide guidance to Principal Investigators and others responsible for the administration of Sponsored Projects on the requirements for Financial Reporting and Closeout of Sponsored Projects.

Primary Guidance to Which This Policy Responds

OMB Circular A-110: Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals, and Other Nonprofit Organizations, which sets forth detailed requirements with respect to the complete and timely submission of financial reports and other closeout procedures for federally funded Sponsored Projects; for non-federal sponsors,, as set forth in the policies of those sponsors or the stated terms and conditions of the award.

Responsible University Office & Officer

Office of the Controller
Cheryl Ross, Controller

Revision History

Not Applicable

Who is Governed by This Policy

Faculty and staff responsible for the administration of Sponsored Projects

Who Should Know This Policy

1. All persons governed by this Policy {see above}
2. Departmental Administrators and other departmental staff
3. Deans and Departmental Chairs
4. Office of Research Administration staff
5. Office of the Controller staff



Exclusions & Special Situations

None. This Policy applies to all Sponsored Projects, whether awarded by governmental or non-governmental sponsors.