Financial Review Checklist – Revisions

February 17, 2021

The Financial Review Checklist (FRC) Form 1101 FR.01 was recently reviewed and revised by members of the Controller’s Office with input from others to provide enhanced clarity around the expectations for completing the activities. Specific monthly steps were modified, which included adding  focus on items that provide more information on completing the step successfully, increased clarity around the objective of a step, and additional resource references. Departments are expected to use the revised FRC with the February 2021 month-end close and after that.

  • Review Open Advances and Spend Authorization
  • Preview Payroll
  • Review Payroll Costing and Position Restriction
  • Review Payroll Expenses
  • Review Invoices in Progress
  • Perform Reconciliation for Credit Card Revenue
  • Review Status of Grant and Contract End Dates
  • Review Sponsored Award Balances
  • Review Account Holder Report with Principal Investigators

Departments are expected to use the revised FRC effective with the February 2021 month end close and thereafter.

To easily identify these changes, the FRC has been published with revisions denoted in purple text. This will be temporary and will be posted as such for the next 30 days, at which time the highlighted changes will be removed.

For further questions, please contact Financial Compliance at