Reporting and Monitoring
Financial Reporting
Many federal awards require regular reporting of expenditures, cash balances, cost share provided and program income via the SF-425 (Federal Financial Report or FFR). These reports and any nonfederal financial reports are completed and submitted to the sponsoring agency by the Office of Sponsored Programs (OSP) Financial Unit. If you have a progress report that requests financial data, please work with OSP to ensure reporting consistency.
Access to accurate and timely financial information is essential for successful grants management. It is wise to review charges on sponsored project budgets at least monthly. The university emails reports monthly to assist PIs and grant administrators with monitoring sponsored project budgets. These reports can also be run by your departmental grant administrator on an as-needed basis.
Itemized expenditures report (Argos Itemized Expenditure Report/Banner FWRITEM)
The itemized expenditures report is a listing of individual expenses by expense type (e.g., research supplies) that have posted to the Banner accounting system. Unposted expenses and lagged payroll will not be included. Cost transfers of any incorrectly charged items or payroll expenses should be initiated immediately upon discovery of the error.
Note that when manually running the report from Banner it is recommended that the report be run in “detail” format so that individual expenses are listed, and also with the parameter “salary detail” to show employees being paid on the project.
Summary of budget balance (Argos Grant Budget Status Summary by Fund/Grant)
The summary grant report is a one-page summary of the grant balance from award inception through today. This report is a useful tool to verify that funds have been appropriately budgeted, to see that spending is occurring as anticipated and to determine whether a time extension should be requested. It identifies the following items and also only includes "posted" items:
- Budgeted funds by category;
- All cumulative posted expenses;
- Any pending encumbrances;
- The balance in each expense category;
- The percentage of funding still available by category and in total; and
- The percentage of time remaining on the award.
Personnel assigned to award (Argos Grant Personnel)
This report identifies personnel currently assigned to be paid on the project and their associated level of effort for payment.