Update - Policy 1301 Sponsored Projects Financial Reporting and Financial Closing

February 10, 2021

Recently, minor changes were made to Policy 1301 Sponsored Projects Financial Reporting and Financial Closeout and the corresponding Guide 1301 GD.02 Financial Reporting and Closeout emphasizing the need for timely and accurate filing of financial reports and award closeouts.
As a reminder, the University will not file final financial reports that indicate unliquidated obligations or commitments. If adjustments to the university’s financial statements are required to accurately reflect project activity on sponsored awards, departmental personnel must process all adjustments before submitting the draft Financial Status Report (FSR) to Office of Sponsored Projects (OSP). If there are any unusual circumstances requiring the need to file with adjustments, departments must contact the OSP Accountant prior to submission of the FSR to OSP.   

Any adjustments posted to an award and/or grant after the draft FSR is received by OSP will not be included in the financial report. These additional expenditures will be transferred to the Department’s Suspense Project by OSP. 

Please direct questions pertaining to this notice to your OSP Assigned Accountant.