Sponsored Award Financial Reporting

Contracts and Grants Accounting (CGA) is responsible for financial reporting for sponsored awards. 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 them 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 preparation of interim financial reports.

Departmental Financial Reporting Responsibilities

Departments are responsible for General Ledger Verification to ensure that all financial transactions are recorded properly and timely on the General Ledger for financial reporting. Departments promote accuracy in financial reporting by reviewing:

• Payroll
• Open requisitions and purchase orders. Departments are also responsible for contacting Supply Chain Management to close requisitions and orders.
• All charges for allowable/unallowable costs.
• Subcontracts and intercampus payments, including final accounts receivable invoices.
• Other sponsor requirements and necessary reports (e.g., equipment inventory, patent report, COI disclosure, etc.).

Departments are responsible for clearing activity deemed unallowable per sponsor or University policy and must clear any overdrafts.

Departments must request No Cost Extensions or carryover, per the terms and conditions of awards prior to the expiration of contracts.

CGA Financial Reporting Responsibilities

CGA carries out the following responsibilities:

• Ensures that expenses on the financial reports tie to the General Ledger. Deviations are limited to overhead adjustments to the indirect cost calculation, approved salary and benefit cost transfers, and 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 the budget on the RAS Award Modifications page to show the breakdown of direct cost and applicable F&A for approved carryover into the next activity period or new project assigned for the next competitive period (where 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 submits the FSR to sponsors with online portals, or otherwise provides the approved/signed report to the department administrator for submission to all other private sponsors.

Refer to the how-to guide, Final Financial Reporting, Invoicing and Closeout of Sponsored Awards.

Accruals

In situations where expenses have not been recorded on the General Ledger, an expense accrual may be required. The expense accrual records the cost estimate for a product or service that was delivered during the award period but that has not yet been recorded in the General Ledger.

The Accrual Validation process is to be completed by departments in order to ensure that the accruals are appropriate.

See Accruals for Financial Reporting, Invoicing and Closeout of Sponsored Awards for guidelines for entering, validating, and reversing accrual journals.