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Managing Sponsored Project Funds: Preparing for Final or Annual Reporting to the Agency
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Summary: Learn how to prepare for final or annual agency reporting for a sponsored project award. |
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Most agencies require the University to submit a final invoice or financial report when a project ends. Some also require reports annually or at the end of each budget period.
OPAFS and department responsibilities: The Office of Post Award Financial Services (OPAFS) is responsible for preparing these reports, submitting them, and certifying on behalf of the University that project expenditures comply with agency financial terms and conditions. If you manage sponsored project funds for your department, you assist in this process by following the guidelines below:
- Review award documents for reporting deadlines (usually 30, 60, or 90 days after the end date of a project or budget period).
- Perform a preliminary review of expenditures 60 days before the project ends, and perform a final review of the ledger 30 days after the project end date. Be sure to:
- Review unliquidated obligations and encumbrances. Determine which incurred expenses won't post to the ledger by the end of the project period. Determine which encumbrances should be lifted and which should be charged to the project.
- Review account codes for unallowable expenses. Without agency approval, those expenses must be removed from the fund.
- Verify that the award budget and specific expense limitations haven't been exceeded. Many agencies require that expenses conform to the award budget or have spending limits on specific categories. Without agency approval, expenses that exceed the budget must be removed from the fund.
- If the total budget balance is in overdraft, transfer the expense overruns off the fund.
- If there is a budget unexpended balance, review the award policy. Your options may include:
- Review subsequent expenses (those posted after the end date). Verify that they legitimately apply to the project and were incurred before the end date.
- Confirm that all appropriate expenses have been posted to the fund.
- Make sure that all expenses comply with award terms and are appropriate to the project.
- Help the appropriate OPAFS award administrator get final reports submitted on time by:
- Submitting the Financial Expense Report (Excel) within 30 days of the project end date. (See a Sample Financial Expense Report for reference.)
- Informing the OPAFS award administrator of any pending expense transfers or requests for rebudgeting, no-cost extensions, or carry-overs.
Questions? Please see OPAFS Contacts.
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