A key step to managing sponsored funds is closing out the award and sending related reporting to your sponsors in a timely fashion.
SRA will prepare and submit the final invoices and reports based on the expenses and adjustments that have posted to the general ledger. Principal investigators (PIs) and department administrators (DAs) should monitor award expenditures throughout the life of the project to make sure expenses are allowable and posted in a timely manner so they can be included in the final invoice and report.
SRA will review the award as it nears termination and will coordinate with DAs to understand any unallowable charges that need to be removed, as well as update any recurring charges, so invoices and reports reflect accurate and complete costs.
Reporting requirements vary across sponsors and are identified in the Notice of Award (NOA). In general, they span programmatic, technical, and financial topics. SRA will work with departments to ensure financial reports are submitted in compliance with the due date, however, PIs and DAs should monitor the deadlines throughout the NOAs to make sure any other deadlines are also met. Additionally, monitoring the award expenses throughout the life of the award will assist with making the closeout a more efficient process.
Beginning at a year, then 180 days and at a minimum 90 days prior to the end of a project, departments should run an Award Summary Report to review projects’ end dates. With awareness of any that are ending, you can begin confirming:
- The accuracy of expenses and budgets
Whether a no-cost extension is necessary
Posting of subawards payments
Allowability of costs
After awards have ended, they should be reconciled by the department and all adjustments should be submitted for processing. SRA will confirm the balances to be reported to the sponsor and prepare respective financial reports in collaboration with the departments.