Post Award: Financial Reporting
Many federal awards require regular reporting of expenditures, cash balances, cost share provided and program income via the SF-425 (Federal Financial Report or FFR). These reports, and any non-federal financial reports, are completed and submitted to the sponsoring agency by the OSP Financial Unit. If you have a progress report that requests financial data, please work with OSP to ensure reporting consistency.
Access to accurate and timely financial information is essential for successful grants management. It is wise to review charges on sponsored project budgets at least monthly. The University provides two Banner reports to help monitor sponsored project budgets. These reports can be run by your departmental grant administrator on an as-needed basis, or are available to PIs and co-PIs via VandalWeb approximately 5 days after the end of each month.
Itemized expenditures report (FWRITEM)
The itemized expenditures report is a listing of individual expenses by expense type (e.g. research supplies) that have posted to the Banner accounting system. Unposted expenses and lagged payroll will not be included. It is recommended that the report be run in “detail” format so that individual expenses are listed, and also with the parameter “salary detail” to show employees being paid on the project. Cost transfers of any incorrectly charged items or payroll expenses should be initiated immediately upon discovery.
Summary grant expenditures and balances (FWRSUMR)
The summary grant report is a one-page summary of the grant balance from award inception through the date specified in the report parameters. This report is a useful tool to verify that funds have been appropriately budgeted, to see that spending is occurring as anticipated, and to determine whether a time extension should be requested. It identifies the following items, and also only included "posted" items:
- Budgeted funds by category;
- all cumulative posted expenses;
- any pending encumbrances;
- the balance in each expense category;
- the percentage of funding still available by category and in total; and
- the percentage of time remaining on the award.