Faculty & Staff

Funding agencies that support international projects, whether USG or other, require timely submission of financial reports. To fulfill funding agencies’ requirements for timely submission of financial reports, the Columbia University Policy on Financial Reporting and Closeout of Sponsored Projects provides full guidance. See also the sections on financial management and on close-outs in the University’s Sponsored Project Handbook.

During Project Implementation

Most important for PIs and Country/Project Directors to keep in mind are the following points:

• The Restricted Funds Division of the Office of the Controller ("Restricted Funds”) is responsible for the preparation and submission of financial reports to funding agencies.
• For USG funds, Financial Status Reports (FSRs) must be submitted within 90 calendar days following the expiration of either the budget year of the project or, more commonly, following the expiration of a competitive segment of a project. For other funding agencies, reporting deadlines vary and are dictated by the policies of those agencies or stated terms and conditions of the award.
• PIs and Country/Project Directors are responsible for the ongoing review and monitoring of charges to each project, and for providing accurate and timely reconciliations on which to base those financial reports.
• In addition, PIs and Country/Project Directors are responsible for ensuring that necessary charges and adjustments are processed such that the expenditures reflected on financial reports agree with those recorded in the University's accounting records for each project. (An adjustment is an action to correct a charge to a wrong account or wrong project.)

Reconciliations must be submitted to Restricted Funds no later than 30 days prior to the date that the financial report is due to the funding agency.

At Grant/Contract Close-Out

Financial Status Reports are usually required by the funding agency within 90 days after termination of the budget period or project period of a grant (consult the relevant Notice of Award). Restricted Funds is responsible for preparing and submitting these FSRs. The process is as follows:

• A reconciliation report based on expenditures and commitments in Columbia University’s ledger is forwarded by Restricted Funds to the responsible department within 20 days of a grant/contract’s termination, even when the awarding agency does not require submission of an annual FSR
• Departments are responsible for completing the reconciliation reports, signing them, and returning them to Restricted Funds promptly
• Any adjustments reflected on the reconciliation reports must be fully documented
• Restricted Funds sends the FSR to the agency, where required, and sends a copy to the Department Administrator and PI

Compliance with FSR due dates is important to avoid adverse action by the funding agencies, such as withholding of payments, suspension of future award activity, or payment of penalties that would be charged to the PI’s department or center.

For further information on close-out requirements and specifically on PI responsibilities, see Close-Out and the University’s Policy on Financial Reporting and Closeout of Sponsored Projects.

Overexpenditure of Project Funds

If the close-out reconciliation indicates an overdraft balance, the PI or Department Administrator must provide an acceptable alternative account number to absorb the overdraft. For further information, see the University’s policy on Overdrafts on Sponsored Project Accounts.

Underexpenditure of Project Funds

When there are unspent grant/contract funds at the end of the award period, the balance may be returned to the funding agency or the University may request a no-cost extension. In the latter case, see Award Amendments for information on this process.