To inform granting agencies of how authorized funds were spent, Restricted Fund Accounting prepares financial reports for all agencies requiring them. Restricted Fund Accounting will prepare and mail financial reports to agencies that require them. Depending on agency guidelines, time allowed for review of reports may vary to fit agency requirements. Where departmental review is necessary, Restricted Fund Accounting will prepare a preliminary financial report and send it to the individual responsible for reconciliation. The department will review the financial report for completeness and accuracy, note any necessary adjustments and attach documentation, sign the report, and return it to Restricted Fund Accounting by the due date stated on the report.
Due dates vary according to agency requirements.
If the signed report and documentation for proposed adjustments are not returned to Restricted Fund Accounting by the stated due date, the department will be contacted by telephone. If a written response is not received within two additional days, a second request letter will be sent to the individual responsible for the reconciliation of the report. A copy will also be sent to the head of the department. If the department does not respond within 2 working days after the second written request, the Dean will be informed by letter of the noncompliance. When the report has been reconciled between the department s records and the UMAB accounting system, Restricted Fund Accounting will prepare the official version and send it to the grantor.