Preparing Financial Status Report (FSR) (Grants and Contracts)

Included on this page:

• Description/Definition
• Process Overview
• PI/Staff Procedures
  • Spending Funds properly
  • Review/Reconcile the BAR
  • Facilities & Administration costs, Cost Sharing, Training Grants
  • Review at Expiration
• Supporting Documents
• Rules and Regulations

A Financial Status Report (FSR) is a statement of expenditures sent to the sponsor of a grant or contract. It is prepared and submitted by Grant and Contract Accounting (GCA) on behalf of the Principal Investigator (PI). The schedule for submitting required financial reports is generally specified in the award documents of a grant or contract. FSRs are usually due at the end of both the Budget Period and Project Period within 90 days after the expiration date, and may be required at interim times as well.

Interim FSR

An Interim FSR is a financial report that covers a period within a longer budget period (i.e., monthly, quarterly, or semi-annually).

Annual FSR

An Annual FSR is a financial report that typically covers a one-year period.

Final FSR

A Final FSR is a financial report that is prepared at the end of a project.

Timely submittal of FSRs insures that:

• The University of Washington avoids penalties
• Payments are received from sponsors in a timely manner
• New, Supplemental, and Continuation Awards are not delayed
• Extensions and Carryforwards are authorized expediently
• The University of Washington retains the flexibility of NIH's v Expanded Authorities

The Format of the Financial Status Report is specified by the sponsor.

Each FSR includes the following major elements:

• Grant/Contract Identification
• Period covered by the report
• Summary of transactions
  (Note: Deficit spending is not reported. The lesser of total expenditures, or the award amount, is the maximum amount included on the FSR.)
• Certification Signature(s)
• Additional details as specified

Common formats for financial status reports prepared by GCA include:

• SF 269 - Standard Form 269 - Financial Status Report
• SF 270 - Request for Advance or Reimbursement
• SF 272 - Federal Cash Transaction Report
• NIH 2706 - NIH Financial Report of Individual Contract Non-federal sponsors often have unique format requirements. Many agencies post report forms on their website

A Federal Cash Transaction Report (FCTR) (Form SF 272) is a type of financial report prepared on an interim basis and sent to major federal sponsors. The FCTR to each sponsor reports cumulative expenditures on multiple budgets and it reconciles to the total of Letter-Of-Credit draws over the report period.

(Note: Some federal awards require an FCTR (SF 272) on a specific grant or contract).

Process Overview

• Sponsor defines reporting schedule
• Budget is set up on FIN by GCA
• PI spends approved funding according to sponsor guidelines
• PI/Department reviews and reconciles expenditures to ensure allowability for reporting
• GCA monitors various expenditures for compliance; for example:
  • Subcontracts
  • Facilities and Administrative (indirect) costs
  • Requisitions
  • Cost sharing
• Interim financial reports are prepared and sent by GCA as specified by the sponsor
• Budget expires (It's time for the annual or final FSR!)
• GCA sends the Notice of Expiration letter (NOE) or e mail, requesting action from the department
• PI/Department is responsible for ensuring that all transactions for the grant or contract have been processed within 45 days after expiration, or that pending charges or credits are communicated to GCA as outlined in the Grant and Contract Closing Process instructions
• Within 45 days, GCA begins analyzing data to include on the FSR
• GCA prepares the FSR per sponsor guidelines within 90 days after expiration of the budget.
• Financial Status Report is submitted to the sponsor and copies sent to PI and Department Chair
• GCA and department respond to any sponsor questions on FSR
• Carryforward of large unexpended balances may require sponsor approval
• GCA processes budget-closing transactions

PI/Staff Procedures

• Know and follow sponsor guidelines for purchasing goods and services. Read the proposal package, award documents, and Terms and Conditions of the Award to gain understanding of specific rules. The Regulation Matrix included in the training manual for the Grant and Contract Administration class might provide some help.
• Know and follow Cost Accounting Standards (CAS) and GIM23
• Know and follow University of Washington Expenditure guidelines (Administrative Policy Statements Section 30- Fiscal Management).
• Place orders in a timely manner so that goods and services will benefit the project in the current project period.

Ensure allowability for reporting

• Follow reconciliation procedures similar to those taught in the Departmental Budgets and Fiscal Reports class that is offered by Training and Development. See the article, Reconciling the BAR, written by Mary Melanson.
• Monitor general expenditures and make certain all charges are allowable .
• Prepare Request for Salary Transfer (RST) or Request to Transfer Expenditure form to remove unallowable charges.
• Prepare Deficit Transfer Request, using RTED form.
• Periodically review the status of encumbrances (purchase orders). Liquidate inactive encumbrances for which there will be no charges by sending email to Saf@u.washington.edu .
• See also $1.00 Encumbrances
• Be aware of special restricted funds - these are identified on the Notice of Grant Award.
  • Institutional Allowances on Fellowships
  • Minority Supplements
  • SCOR Travel
  • PACE Funds
  • Unexpended Patient Care
  • Fixed Fee (Applied Physics Lab budgets only)
  • Other special restrictions (Advisory Committees, equipment, travel)

Facilities & Administration Costs, Cost Sharing, and Training Grants

• Verify Facilities and & Administrative Costs charges .
• Submit cost sharing documentation .
• Submit Training Grant Statement of Appointment (PHS 2271) forms.
• Submit Training Grant Termination Notices .
• Respond to requests for specific information from GCA.

Within 45 days after expiration:
Follow PI/Staff procedures outlined in the Grant and Contract Closing Process webpage.

• Notify GCA of extension and/or supplement
• Determine allowability of expenditures
• Notify GCA of coming charges and/or credits
• Insure that all transactions are processed and invoices paid.
• Verify status of requisition/encumbrances

• Forms:
  • SF 269 (Financial Status Report)
  • SF 272 (Cash Status Report)
  • NIH 2706 (NIH Financial Report of Individual Contract)
  • HH 565 (Report of Capitalized Nonexpendable Equipment)
  • UW Form 1042 (Report of Expenditures)
• View
  • View NIH ELECTRONIC FORMS USERS' GROUP page.
  • View Federal Post Award Forms in WORD or PDF format.

Rules and Regulations

GCA Contacts

Grant and Contract Accounting
A Department of Financial Management
gcaques@u.washington.edu
Modified: May 29, 2008