Project Administration - Financial Reporting

Financial Status Reports are usually required by the funding agency 90 days after termination of the budget period or project period of a grant (consult your notice of grant award). Restricted funds is responsible for preparing and submitting these Financial Status Reports. The process is as follows:

A reconciliation report based on expenditures and commitments in FAS is forwarded by Restricted Funds to the responsible department within 20 days of a grant’s termination, even when the granting agency does not require submission of an annual Financial Status Report (e.g., NSF, interim year FDP awards).
Departments are responsible for completing the reconciliation reports, signing them, and returning them to Restricted Funds promptly.
Any adjustments reflected on the reconciliation reports must be fully documented.
Restricted Funds sends the Financial Status Report to the agency, where required, and sends a copy to the Department and Principal Investigator.

It is vital that Financial Status Reports are submitted on a timely basis. Failure to submit the Financial Status Reports by their due dates may result in adverse action by the funding agencies including: Withholding of payments
Suspension of future award activity