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Financial Reporting and Closeout of Sponsored Projects

Effective December 26th, 2014, OMB Circulars A-21, A-110 and A-133 will be replaced by regulations under the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (also known as the Uniform Guidance). Please refer to the University’s Uniform Guidance website http://spa.columbia.edu/uniform-guidance for further details that may supersede information outlined in this policy. Revised policies will be posted once they are available.

 

Published: January 1, 2007

Latest Revision: July 9, 2012

Executive Summary

In accepting a grant or contract from a governmental agency, private foundation, or industry or other sponsor ("Sponsored Project"), the University is obliged to comply with a number of rules and regulations promulgated by that sponsor. Among those obligations is the requirement the timely submission of financial reports to those sponsors. Federal regulations require that Financial Status Reports be submitted within 90 calendar days following the expiration of either the budget year of the project (as is the case for Program Project and similar awards), or more commonly, following the expiration of a competitive segment of a Sponsored Project. For other sponsors, reporting deadlines vary and are dictated by the policies of those sponsors or stated terms and conditions of the award.

The Sponsored Projects Finance Division of the Office of the Controller ("Sponsored Projects Finance" is responsible for the preparation and submission of financial reports to sponsors.) Principal Investigators are responsible for the ongoing review and monitoring of charges to each Sponsored Project, and for providing accurate and timely reconciliations on which to base those financial reports. In addition, Principal Investigators are responsible for ensuring that any charges and/or adjustments necessary to insure that the expenditures reflected on financial reports agree with those recorded in the University's accounting records for each Sponsored Project.

Reconciliations must be submitted to Sponsored Projects Finance no later than 30 days prior to the date that the financial report is due to the sponsor.