Financial Reporting/No-Cost Extension
Our staff interprets and applies fiscal regulations and guidelines to ensure all federal,
state, University and private sponsor requirements are met for effective financial
reporting purposes. We prepare reports quarterly, semi-annually and annually for federal
agencies and sponsors as required.
Agencies may choose to hold back future funding or freeze accounts if financial or
technical reports are not submitted by the deadline. The Federal Financial Report
(FFR) must be prepared in accordance with the Uniform Guidance (2CFR 200).
Federal Financial Reports (FFRs)
A Federal Financial Report (FFR) is a statement of expenditures and obligations incurred
during the period of performance and/or at the conclusion of the sponsored project.
The Post Award team will prepare, sign and submit all financial reports to the sponsor
on behalf of the university.
Departments receive a final copy of financial reports for their records, including
any unobligated remaining balance.
Timing
Federal guidelines require all financial, performance, and other reports be submitted
90 to 120 days after the period of performance. In order to meet these deadlines,
the OSP requires the account to be reconciled within 60 days after the end date.
Public and Private Sponsors’ Financial Reporting
Some sponsored agreements require additional detailed information, which the department
administrator must submit to the OSP Post Award team.
The OSP is responsible for submitting financial reports to sponsors via their online
portals. In rare cases, which must be approved by the OSP, departments may collaborate
to submit financial reports to private sponsors.
Carryover of funds
If the award allows automatic carryover, departments may continue spending against
their existing project.
If carryforward necessitates prior sponsor approval, the department should coordinate
with OSP on how to proceed. OSP will adjust the budget to match expenses to prevent
any further spending. If carryover is denied, the department will be responsible for
any expenses incurred.
Deficit Balance
Departments should confirm the correct budget and that the amount agrees with the
agency authorized budget. Departments should review expenses to ensure charges were
posted to the correct project. For deficits and unallowable charges, the department
must transfer those costs to a discretionary account by completing a cost transfer
justification form. If the charges are allowable, OSP may cost share the charges to
a non-federal account.
Surplus Balance
Departments must verify allowable expenses have posted to the project. The OSP will
submit a check request form if funds must be returned to the sponsor. If the award
permits the balance to be retained, OSP will calculate the Direct and FA cost of the
residual and transfer the direct cost to the department's discretionary account.
Cash Management
The Post Award team manages all cash-related activities of externally funded projects,
including:
-
Processing Letter of Credit (LOC) drawdowns
-
Process installment or cost reimbursement invoices for Non-federal or federal pass-through
grants and contracts and act as the point of contact for invoicing inquiries
-
Remitting information requests for sponsor payments
-
Identifying sponsor payments via check, wire, and ACH
-
Processing receipts
Sponsor Payment Methods
Letter of credit (LOC)
The university can access funds based on cost reimbursement, with the ability to withdraw
funds up to 90 days (up to 120 days in some cases) beyond the award end date.
Check
Sponsors can send checks directly to the Office of Sponsored Programs. Checks received
by the Principal Investigator or Department Administrator should be forwarded to
the OSP.
No-Cost Extension
A no-cost extension is requested when a PI wishes to extend a project end date (change
it to a later date) but no additional funds are added by the sponsor to cover the
extension period. No-cost extension requests are not always granted. Unexpended funds
on the award must be available to cover project costs during the extension period.
Different sponsors may have different requirements and processes.
Non-Federal Awards
Submited by the OSP on behalf of the Principal Investigator; requires sponsor approval
Federal Awards
The university may extend the final budget period of previously approved project
periods one time for a period of up to 12 months beyond the original expiration date
shown in the notice of award if
- No term of award specifically prohibits the extension
- No additional funds are required to be obligated by the sponsor
- The project’s originally approved scope will not change.
No-Cost Extension Request
PI requests for additional time to complete the project must address programmatic
issues and describe justifiable delays. Requests should affirm that additional work
remains to be completed on the project and that resources are available to continue
to support the project, or that additional time is needed to provide for an orderly
closeout. The fact that funds remain at the expiration of the grant is not, in itself,
sufficient justification for an extension without additional funds.
In extending the final budget period of the project period through this process, the
university and the PI agree to update all required certifications and assurances,
including those pertaining to human subjects and vertebrate animals, per applicable
regulations and policies.
If sponsor approval is required, the OSP must review and provide authorizing signature.
If the university has approval authority, address your request to the Associate Vice
Chancellor for Research.
The Timing of the Request
FOR FEDERAL AWARDS: If sponsor approval is required, requests must be received by
the OSP 45 days before the grant expiration date. Send the request to OSP for review
and authorization before contacting the sponsor.
FOR NON-FEDERAL AWARDS: consult the award document for requirements
Effort During NCE
Sponsors expect the original award terms and conditions extend throughout a no-cost
extension (NCE) period. Any changes greater than 25% for the PI and key personnel
requires prior approval and should be included in the NCE request. Update all commitments
according to the NCE justification.
