Financial reports for sponsored awards are prepared and submitted by Contracts and Grants Accounting (CGA). Financial reports are completed for Federal, State, and private sponsors. Reporting requirements, frequency, due dates, form, and format are determined by the sponsor and depend on the type of award. CGA works closely with departments on verifying financial information and ensuring that project spending disclosure is accurate, current, complete, and submitted on time.
CGA prepares all financial reports based on the general ledger, and if any additional information is required, CGA works with the department and with the PI on completing and verifying reporting details. The financial report preparation process requires that departments complete timely reconciliation of expenditures for the award and ensure that the appropriate charges are posted to the general ledger.
If there is cost sharing on the project, the sponsor may require the reporting of the cost shared information on the financial report and departments are required to report cost sharing to CGA Compliance for review and approval.
CGA reconciles indirect costs, completes a final review of the reporting information, and certifies the accuracy of the report. Copies of financial reports are kept by CGA for six years after award termination unless a longer retention period is specified in the agreement. Failure to submit timely financial reports to the sponsor may affect funding to the PI and to the University.
For help with billing and collection issues, please contact the CGA Accountant responsible for the specific award.