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Federal sponsor agencies, as well as other public and private sponsors, have established clear financial reporting requirements for sponsor awards. Reimbursements, as well as future funding, may be contingent upon compliance with these requirements. Good financial reporting rests on complying with all sponsor requirements associated with the financial management of sponsor resources.
At New York University (NYU), the responsibility for administering sponsored projects is shared among Principal Investigators (PI's), Departmental Administrators (DA's), the Office of Sponsored Programs (OSP), and Sponsored Project Administration (SPA). To aid PIs and DA's in this process, NYU has made tools available for monitoring financial activity. Current systems include the Brio Standard Financial Reports Library and the University Data Warehouse Plus OBIEE reporting tool.
The PI is ultimately responsible for monitoring all financial aspects of the sponsored project and ensuring the accuracy of the financial information reported to the sponsor. This includes reviewing project costs and verifying that any adjustments have been processed in the Personnel Action Submission System (PASS / XPASS) and/or the Journal Entry Management System (JEMS) in a timely manner.
SPA works closely with PI's and DA's to complete financial reports and ensure timely submission.
At the time of final reporting, the SPA Analyst will email the cost analysis to the Department and request the Department provide the mail date for the final technical (or program) report to the sponsor.
Frequently Asked Questions
Sponsored Programs Administration (SPA) prepares all interim and final Financial reports based on amounts recorded in the University’s PeopleSoft general ledger. Interim reports are not submitted to departments for review unless requested in advance by the department. Any adjustments will be included at project expiration with the Final report provided appropriate justification is provided. SPA will submit the Final financial report to the department for review. The department should return the final financial report to SPA in a timely manner to allow SPA to review the final financial report. If the department does not respond within 48 hours prior to the reporting deadline, the report will be issued to the sponsor.
Reporting deadlines vary by agency. Generally, Federal sponsors require a final report within 90 days of project expiration. The Sponsored Programs Administration (SPA) Deliverables Report lists reporting due dates. This report is available on the SPA portal in the BRIO financial reporting system. If you need access or training in using these reports, please email your SPA Team inbox:
To identify your Team Inbox, click here to go to the SPA Contacts page.
If the award has automatic carryover , departments can continue spending against their existing project. If carryforward requires prior approval from the sponsor, the department should coordinate with Sponsored Programs Administration (SPA) on how to account for it. In such cases, SPA should freeze the project or reduce the budget to match expenses to prevent further spending. Departments will be responsible for any costs incurred should carryover be denied.
Sponsored Programs Administration (SPA) generally prepares all invoices. Occasionally, departments may prepare invoices, however, SPA must review and sign off on all invoices prior to submission to the sponsor.
Sponsored Programs Administration (SPA) is responsible for collection with assistance from the departments. E.g., a payment may be 90 days overdue because a Progress Report has not been submitted by the Department. However, the department is ultimately responsible for any receivables which cannot be collected from the sponsor.
A negative encumbrance typically occurs when there are insufficient funds available for the original payroll encumbrance journal to post, or an invalid chartfield was provided. A negative encumbrance will artificially inflate the project’s available balance, and may lead to further spending resulting in a project deficit. Departments must review their Budget Exception Reports to identify the encumbrance fail and resolve immediately, as any deficits will be the sole responsibility of the department.
Departments should confirm whether the correct budget is reflected in the Brio financial reporting system Budget Summary Reports and should also confirm that the amount agrees to the agency authorized budget. Departments should review all expenses to ensure charges were posted to the correct project. If a deficit exists, the department must transfer those costs to a discretionary chartfield using a cost share program. Such costs are perceived as valid research costs that cannot be billed to the sponsor, but must be tracked for purposes of the Facilities and Administrative (F&A) Rate Proposal.
- Departments must confirm that all appropriate expenses posted to the project.
- If the award requires funds be returned to the sponsor, Sponsored Programs Administration (SPA) will submit a Business Payment Form request to Accounts Payable (AP).
- If the award is silent or allows the balance to be retained by New York University (NYU), the department should submit a Journal Entry Management System (JEMS) request to transfer the surplus to a discretionary chartfield. Please consult with SPA on the appropriate accounts to use.