Preparing Financial Status Report (FSR)

GCA's goal is to complete and submit 100% of all sponsor Financial Status Reports (FSR) on or before the due date.

Included on this page:

  • Description/Definition
  • Process Overview
  • PI/Staff Procedures
    • Spending Funds properly
    • Review/Reconcile Expenditures
    • Facilities & Administration costs, Cost Sharing, Training Grants
    • Review at Expiration
  • Supporting Documents
  • Rules and Regulations

 
Description/Definition
A Financial Status Report (FSR) is a statement of expenditures sent to the sponsor of a grant or contract. It is prepared and submitted by Grant and Contract Accounting (GCA) on behalf of the Principal Investigator (PI). The schedule for submitting required financial reports is generally specified in the award documents of a grant or contract. FSRs are usually due at the end of both the Budget Period {insert link} and Project Period {insert link} within 90 days after the expiration date, and may be required at interim times as well.

Interim FSR
An Interim FSR is a financial report that covers a period within a longer budget period (i.e., monthly, quarterly, or semi-annually).

Annual FSR
An Annual FSR is a financial report that typically covers a one-year period.

Final FSR
A Final FSR is a financial report that is prepared at the end of a project.

Timely submittal of FSRs ensures that:

  • The University of Washington avoids penalties
  • Payments are received from sponsors in a timely manner
  • New, Supplemental, and Continuation Awards are not delayed
  • Extensions and Carryforwards are authorized expediently
  • The University of Washington retains the flexibility of NIH's Expanded Authorities

The Format of the Financial Status Report is specified by the sponsor.

Each FSR includes the following major elements:

  • Grant/Contract Identification
  • Period covered by the report
  • Summary of transactions

Note: Deficit spending is not reported. The lesser of total expenditures, or the award amount, is the maximum amount included on the FSR.

  • Certification Signature(s)
  • Additional details as specified

    Common formats for financial status reports prepared by GCA include:{insert link}

  • SF 425 – Federal Financial Report
  • SF 269 - Standard Form 269 - Financial Status Report
  • SF 270 - Request for Advance or Reimbursement
  • SF 272 - Federal Cash Transaction Report
  • NIH 2706 - NIH Financial Report of Individual Contract Non-federal sponsors often have unique format requirements. Many agencies post report forms on their website

A Federal Cash Transaction Report (FCTR, Form SF 272) is a type of financial report prepared on an interim basis and sent to major federal sponsors. The FCTR to each sponsor reports cumulative expenditures on multiple budgets and it reconciles to the total of Letter-Of-Credit draws over the report period.

Note: Some federal awards require an FCTR (SF 272) on a specific grant or contract).

Process Overview

  • Sponsor defines reporting schedule
  • Budget is set up on FIN by GCA
  • PI spends approved funding according to sponsor guidelines
  • PI/Department reviews and reconciles expenditures to ensure allowability for reporting
  • GCA monitors various expenditures for compliance; for example:
    • Subcontracts
    • Facilities and Administrative (indirect) costs
    • Cost sharing
  • GCA sends the Notice of Expiration letter (NOE) , requesting action from the department by the noted Final Action Date.
  • PI/Department is responsible for ensuring that all transactions for the grant or contract have been processed by the NOE Final Action Date, or that pending charges or credits are communicated to GCA as outlined in the Grant and Contract Closing Process instructions
  • GCA prepares the FSR per sponsor guidelines within 90 days after expiration of the budget.
  • Financial Status Report is submitted to the sponsor and copies sent to PI and Fiscal contact
  • GCA and department respond to any sponsor questions on FSR
  • Carryforward of large unexpended balances may require sponsor approval
  • GCA processes budget-closing transactions

 
PI/Staff Procedures

Spending Funds Properly

  • Know and follow sponsor guidelines for purchasing goods and services. Read the proposal package, award documents, and Terms and Conditions of the Award to gain understanding of specific rules. The Regulation Matrix included in the training manual for the Grant and Contract Administration class might provide some help.
  • Know and follow Cost Accounting Standards (CAS) and GIM23
  • Know and follow University of Washington Expenditure guidelines (Administrative Policy Statements Section 30- Fiscal Management).
  • Place orders in a timely manner so that goods and services will benefit the project in the current project period.

Review/Reconcile Expenditures
Ensure allowability for reporting

 

  • Follow department reconciliation procedures.  See the Internal Controls website for more information and general guidelines.
  • Monitor general expenditures and make certain all charges are allowable .
  • Prepare a MyFD expense transfer to remove unallowable charges.
  • Submit deficit transfer request via GrantTracker 
  • Periodically review the status of encumbrances (purchase orders). Liquidate inactive encumbrances for which there will be no charges by sending email to saf@u.washington.edu
  • See also $1.00 Encumbrances
  • Be aware of special restricted funds identified on the Notice of Grant Award
    • Institutional Allowances on Fellowships
    • Participant Support Costs
    • Minority Supplements
    • SCOR Travel
    • PACE Funds
    • Unexpended Patient Care
    • Fixed Fee (Applied Physics Lab budgets only)
    • Other special restrictions (Advisory Committees, equipment, travel)
       

Facilities & Administration Costs, Cost Sharing, and Training Grants
 

  • Verify Facilities & Administrative Costs charges .
  • Submit cost sharing documentation .
  • Submit Training Grant Statement of Appointment (PHS 2271) forms.
  • Submit Training Grant Termination Notices .
  • Respond to requests for specific information from GCA.
     

Review at Expiration
Within 45 days after expiration, follow PI/Staff procedures outlined in the Grant and Contract Closing Process webpage.
 

  • Notify GCA of extension and/or supplement
  • Determine allowability of expenditures
  • Notify GCA of coming charges and/or credits
  • Insure that all transactions are processed and invoices paid.
  • Verify status of requisition/encumbrances

Supporting Documents
Forms
{insert link}
 

  • SF 425 (Federal Financial ReportSF 269 (Financial Status Report)
  • SF 272 (Cash Status Report)
  • NIH 2706 (NIH Financial Report of Individual Contract)
  • HH 565 (Report of Capitalized Nonexpendable Equipment)
  • UW Form 1042 (Report of Expenditures)

 
View
 

  • View NIH ELECTRONIC FORMS USERS' GROUP page.
  • View Federal Post Award Forms in WORD or PDF format.

Rules and Regulations
UW Administrative Procedures
Society of Research Administrators Links
Websites for Federal Sponsors through UW Office of Sponsored Programs
Websites for Non-federal Sponsors through UW Office of Sponsored Programs

GCA Contacts
Please notify your GCA Team via GrantTracker that the budget is ready for closing.

 

 

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