Sponsors require a financial report for the vast majority of sponsored projects. Many sponsors have specific requirements for reporting, while other sponsors accept a standard university format.
As a project nears termination, it is very important to finalize activity so financial reporting can be done in a timely manner. Depending on the sponsor, typically, financial reports must be received by the sponsor 15 to 90 days after the end of the project. When the university is a subcontractor to a Prime at another institution, final financial reports and final invoices are due to the Prime 60 days after the end of the project period, or as otherwise dictated by the award document.
Sponsored Financial Services (SFS) relies on the unit to complete the necessary steps to close the account and submit the financial report on time. It is SFS's responsibility to submit financial reports to all sponsors, where required. Units are not to submit financial reports. SFS will forward a copy of the financial report to units upon request.