Contracts and Grants Accounting (CGA) is responsible for sponsored award financial reporting. CGA works with Principal Investigators and departments to ensure that financial reporting is completed timely. Frequency of submission will vary and is based on the terms of each agreement or sponsor request.
CGA prepares and submits financial reports for federal awards. For private awards, departments prepare financial reports and submit to CGA for review and submission to the sponsor. CGA will always contact you before submitting a final financial report, and may contact you with questions regarding the preparations of interim financial reports.
Departmental Financial Reporting Responsibilities:
Departments are responsible for General Ledger Verification : ensuring that all financial transactions are recorded properly and timely on the general ledgers for financial reporting. Departments promote accuracy in financial reporting by reviewing
- Open requisitions and purchase orders and contact Campus Procurement and Contracts to close.
- All charges for allowable/unallowable costs.
- Subcontracts and intercampus payments and final accounts receivable invoices.
- Other sponsor requirements and complete necessary reports (e.g., equipment inventory, patent report, COI disclosure, etc.)
Departments will need to clear any overdrafts.
Departments will request No Cost Extensions or carryover per the terms and conditions of the award prior to the expiration of the contract.
CGA Financial Reporting Responsibilities:
- Contracts and Grants Accounting (CGA) ensures that expenses on the financial reports tie to the general ledger and adjustments are limited to overhead adjustments to the indirect cost calculation, payroll expense transfers that have been approved by CGA, or unliquidated obligations for interim financial reports only.
- Reviews billing and expenses, and works with departments to remove costs in unallowable accounts and post-term expenses.
- Reports mandatory cost sharing and program income.
- Reduces the billing limit to reflect the actual outlay reporting in the FFR if carryforward is approved by the sponsor
- Modifies budget on the RAS Award Modifications page with the breakdown of direct cost and applicable F&A for approved carryover into the next fund year or new Project assigned for the new competitive period (if carryforward is approved by the sponsor)
- Monitors and tracks financial report due dates.
Preparation and Submission of Financial Reports
Federal Financial Report (FFR)
- CGA reduces the billing limit to reflect the actual outlay reporting in the FFR if carryforward is approved by the sponsor.
- CGA prepares and submits the report.
Financial Status Report (FSR) for Non-Federal Sponsors
- Departments prepare the FSR and submit to CGA for review.
- CGA will submit the FSR to sponsors with Online Portals, otherwise will provide the report to the department administrator for submission to all other private sponsors.
In situations when expenses have not been recorded on the General Ledger, an expense accrual may be required. An expense accrual is the recording of the cost estimate for a product or service that was delivered during the award period but has not yet been recorded in the General Ledger.
The Accrual Validation process (Financial Reporting and Closeout - Accrual Validation Guidance) is to be completed by Departments in order to ensure the accruals are proper.
- For preparing and reversing a payroll accrual entry, refer to Financial Reporting and Closeout - Payroll Expense Transfers and Accruals.
- For preparing and reversing non-payroll accrual, refer to Financial Reporting and Closeout - Non-Payroll Accruals.