Financial Status Reports
One of the responsibilities of the PAF team is to prepare and submit all financial reports related to grants, contracts, and other Restricted Fund accounts. To meet this responsibility, the PAF team relies on working in partnership with the schools, departments, and divisions that administer these accounts.
An important aspect of this partnership is related to sharing information. Quite often, communications from the funding agency regarding financial reporting will be sent directly to the PI or administrator. Such communication should be forwarded to the PAF team in order to meet the reporting requirements of the funding agency.
An example of such communication from a funding agency is when the agency sends updated forms that are required to be used to submit the financial reports. If a report is submitted using an out-of-date form, it is typically rejected, resulting in it being necessary to re-submit the report on the current forms. This might result in the funding agency being reluctant to award future funding.
It is important that funding agency forms received by the PI or administrator are forwarded to the PAF team for report submission. Also, requests from funding agencies for financial reports should be forwarded to the PAF team.
Most financial reports do not require the signature of the PI in order to be submitted to and accepted by the funding agency. Typically however, PAF will submit a copy of the financial report to the PI and departmental administrator for review and approval prior to submitting the report to the funding agency.
It is requested that the signed copy be returned to PAF within ten (10) working days, so the financial report can be submitted to the funding agency within the submission deadline. However, if PAF has not received the signed copy back from the PI in time to meet the submission deadline, the financial report will still be submitted to the funding agency. If revisions need to be made at a later date, PAF will submit a revised report to the funding agency.
Every effort possible is made to submit financial reports within the funding agencies deadline in order to be in compliance with institutional and agency policies, as well as to enhance our institution’s standing as a deserving recipient of grant and contract funding.
For those funding agencies that require PI approval of the financial report, PAF will submit a preliminary report to the funding agency if PAF does not receive the signed copy back from the PI by the submission deadline. PAF then submits the final/signed copy once it is received from the PI.
For more information, see this presentation: