Until overdrafts are removed from such funds, the required agency closing expenditure reports cannot be prepared and submitted. Delinquent reporting is currently jeopardizing the University's ability to receive future awards. In addition, when such funds are in overdraft, the campus loses investment income. Since the University does not have centrally budgeted funds to pay interest or to cover overdrafts, the Principal Investigator is responsible for transferring such amounts to other available funding sources within the department. The University finds itself seriously delinquent in delivering final expenditure reports to the respective funding agencies due, in large part, to the fact that unresolved overdraft balances prevent the requisite closing of the financial records.
Some reports are more than three years past due.
This situation cannot be allowed to continue. This policy will be administered by the Extramural Funds Accounting Division of Financial Services. Please refer to the attached guidelines for the detailed steps supporting this process. Please ensure that all affected personnel are advised of this policy change. Any questions regarding this policy may be directed to Margaret Espino at x43272.