Reporting requirements vary in frequency, format, due dates and detail. The Office of Grants Administration complies with all financial reporting requirements once a contract or grant is accepted, with the exception of the updating of budgetary data mentioned in the paragraph below. Estimates in which events ultimately prove to be unrealistic are not without effect. Overestimates of remaining budget year funds result in underfunding for future project years.
Underestimates can unnecessarily tie up federal agency funds.
Neither situation is desirable, and estimates should be made with care. Some sponsors require interim reports, such as monthly or quarterly, for purposes of tracking the financial status of the project and for handling reimbursements due the University. Only in exceptional cases is reporting detail likely to be requested of the department. The University is required to submit a final report of expenditures generally 60 to 90 days subsequent to the termination of an award. All authorized expenditures and outstanding obligations must be determined and considered in preparation of this report.