Depending on the terms and conditions of the award, annual financial reports might be required. The reporting schedule will be published in the Notice of Award and it is important for the PI to understand when they are expected.
Grants and Contracts Accounting prepares the financial reports and sends them to the PI for review.
Concurrence by the PI is required on all financial reports before they can be submitted to the sponsor. If the PI does not respond within 7 days of receiving the report for review, Grants and Contracts Accounting initiates its Escalation Policy to resolve the matter.
Important information for the PI to review on the financial reports:
- Total expenses
- Total funds authorized
- Unobligated balances
- Carryover balance
- Previous years carryover
- Cost sharing commitments, if required
- Program income, if any
It is essential the PI work with Grants and Contracts Accounting to resolve any discrepancies before submitting to the sponsor.