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As the official repository for all documentation related to sponsored
activity at the College, the OSP maintains a file for each sponsored research
award undertaken. The file includes a copy of the proposal, a signed copy of
the award, all relevant financial information, including copies of payroll
authorizations, invoices over $2,500 and documents requiring approval by the
OSP, any correspondence between the College and the sponsoring agency, and
copies of all project-related technical and financial reports. As the end date
of a sponsored research award approaches, each project is reviewed by an OSP,
Sponsored Research Manager to ensure that all agency-specific and College
requirements have been met and that all necessary records are in the award
file.
Most funding agencies require Final financial and technical reports. In
general, the financial reports are prepared and submitted to the sponsoring
agency by OSP, Cash Management Staff and the technical reports are prepared and
submitted to the sponsoring agency by the Principal Investigator. A copy of the
technical report should be sent to an OSP, Sponsored Research Manager to serve
as a record for the file. Please note that the failure to submit reports in a
timely manner may jeopardize future funding.
It is common for invoices, which relate to expenses incurred during an
approved project period, be processed after the end date of the award. In order
to prepare financial reports within the time period specified by the award, an
OSP, Sponsored Research Manager may contact the Principal Investigator or
project administrator and request information relating to all funds encumbered
at the time of the awarded end date. Depending on the policies of the awarding
agency, final financial reports submitted based on this information may not be
subject to revision. It is important, therefore, to accurately identify all
charges for a particular project at the time the final financial report is
submitted.
For those PTAEO accounts that become overspent, prompt cost-transfer
requests must be submitted by the department. With a cost transfer request, the
department may move the excess charges to either a department GL account or an
appropriate sponsored research PTAEO account. Overspent PTAEO accounts that are
in need of close monitoring by OSP, may be "frozen" by the OSP, Sponsored
Research Manager. Charges cannot be placed on "frozen" accounts without OSP
approval.
In general, close adherence to the terms and conditions outlined in the
award by the sponsoring agency is necessary. Also, copies of all information
pertinent to a particular award must be kept in the award file at OSP as
accounts are frequently selected by outside agencies for audit.
OSP staff is responsible for coordinating audits with external auditors. It
is the policy of the College that a member of the OSP staff will be present at
each audit being performed by an external sponsor. At times auditors may
request interviews with College personnel or wish to tour a particular College
department or building. External auditors are to be accompanied by a member of
the OSP staff during any such interview or tour of a College facility.
Upon termination of the award, the Principal Investigator is responsible for
submitting the final Technical Report to the sponsor within the time frame
specified. Failure to submit this report in a timely manner could jeopardize
future funding by the sponsor. A copy of an award's final report should be
submitted to an OSP, Sponsored Research Manager. The report is added to the
award file.
Sponsoring agencies usually specify how soon after an award ends when the
final financial and technical reports should be received the sponsor. In order
to prepare financial reports within the time period specified by the award, the
OSP, Sponsored Research Manager may contact the Principal Investigator or
project administrator and request information relating to all funds encumbered
at the time of the awarded end date. Depending on the policies of the awarding
agency, final financial reports submitted based on this information may not be
subject to revision. It is important, therefore, to accurately identify all
outstanding charges for a particular award at the time the final financial
report is submitted.
Contracts tend to have more reporting requirements than grants. Some of the
more common reports required by contracts include:
- Contractor's Release
- Contractor's Assignment of Refunds, Rebates, Credits and Other Amounts
- Patent Release
- Government Property Forms
- Financial Status Reports
- Invention Statements
These reports are usually completed by OSP staff and may require input by
the Principal Investigator.
Many private agencies and foundations have unique and rather extensive
reporting requirements.
FLOW CHART FOR ACCOUNT CLOSE-OUT
Recent A-133 audits have strongly recommended reminding departments of
closeout procedures which are outlined in A-110 on sponsored research
awards.
The Office of Sponsored Projects has developed a Closeout Grid that lists
department and Office of Sponsored Projects responsibilities in closing out
sponsored research awards. The Closeout Grid can be viewed on our webpage by
clicking onto the following link:
Please let us know if you have any questions.
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