It is the policy of New York University (NYU, “the University”) to comply with the requirements of the OMB Uniform Guidance and the Federal Demonstration Project (FDP) - General Terms & Conditions for financial reporting.
The purpose of this policy is to provide guidance for submitting accurate and timely reports in compliance with Federal regulations and other sponsors requirements.
This Policy is applicable to all schools, departments, units and personnel of the University involved in administering sponsored awards.
Listed below are the responsibilities, procedures and tools available for developing financial reports for sponsors.
Principal Investigators (PI's) and Departmental Administrators (DA's)
Sponsored Programs Administration (SPA)
SPA is responsible for submitting all Federal Financial Reports (also known as FFRs). These reports are normally submitted on a quarterly, semi-annual or annual basis, as directed by the Federal agency in the Federal Award. A final FFR shall be submitted at the completion of the award agreement. For final FFRs, the reporting period shall be the end date of the project or grant period.
This report summarizes the expenditures incurred for a time period – e.g., monthly, quarterly, annually – based on the original budget, along with any revisions. Typically, foundations and private sponsors use this type of report for reporting financial information. Some sponsors stipulate a deadline for reports of expenditures, and some do not. In all circumstances, NYU follows the 90-day requirement if no deadline is imposed by the sponsor.
At the time of final financial reporting, the SPA Analyst will request the department provide the submission dates for the final progress or project report as required by the sponsor. SPA does not require copies of these reports.
Final reports (financial and technical) should be prepared in accordance with the Award Closeout Policy for Sponsored Programs.
Effective Date Supersedes 09/01/13 Issuing Authority Sponsored Programs Administration Responsible Officer Assistant Vice President, Post-Award Administration
The process by which a Federal or non-Federal awarding sponsor determines that all applicable administrative actions and all required work of the award have been completed by the recipient and sponsor. This refers both an internal closeout as well as ensuring external sponsor requirements have been met.