Final Reporting Requirements
Fixed-Price Agreements, Certification of Project Completion
All costs in support of a project must be charged appropriately. Proposal budgets are reasonable estimates and the projects should be managed with that in mind. With fixed-price projects, proper oversight will help avoid audit questions and unrelated business income tax when revenues exceed expenditures.
Technical/Performance reports. These reports are completed by the Principal Investigator. Occasionally, these reports are completed by the PI then submitted to the agency via Post Award Services. Each agency places rules on how often interim reports are to be submitted whether monthly, quarterly or annually. Agencies can have different forms or websites to submit this information.
Financial. Financial Status Report (SF-425) and Federal Cash Transaction Report (SF-270) are forms in which financial information is reported back to the agency. Each agency has their own rules as to whether they use one of these forms, both or yet another agency specific form. These forms may need to be submitted quarterly, semiannually or annually depending on the agency requirements.
Retention of records. Salary certifications, supporting payroll registers, invoices from vendors, cost share certifications are examples of record retention documentation. Some agencies require that records are kept for up to 10 years Generally, it is three years from the date of acceptance of the final financial report. For multi-year project periods, the entire project period must be retained.
Inventions & Patents. Most agencies require a Report of Inventions and Subcontracts form (DD-882). If there are items to report, this is processed through Intellectual Property with the PI’s assistance. After this has been completed, or if there is nothing to report, Post Award Services will complete the form and forward it on to the agency.
Wrapping it all up
There are several questions that we need to ask ourselves before we are ready to inactivate or close the project.
Is the final balance correct? Are there any adjustments or final expenses to post?
Have all encumbrances been paid or released?
If there was cost share, do we have a signed certification on file along with the documentation?
Has all work been completed? Was the final technical report submitted to the agency?
Were there any inventions or patents?
Was there property? If so, were the proper reports filed to the agency?
Has the final financial report been submitted to the agency?
Did we receive the final payment?