Post-Award Accounting - Reporting

The University of Virginia is required to comply with the Federal circulars for all federal awards. Federal Circular A-21 “Cost Principles for Educational Institutions”, now relocated to 2 CFR, Part 220 and A-110 “Uniform Administrative Requirements for Grants”, now relocated to 2 CFR, Part 215. Post-Award shares a strong affiliation with Compliance; see the Compliance section for more information.

Activities include:

  • Daily review all new award accounts and changes created in the university’s accounting system to ensure that the system adequately reflects Sponsor’s requirements.
  • Daily generate and submit financial reports to Sponsors, based on each Sponsor’s Guidelines, and in compliance with laws, regulations, policies and procedures.
  • Review of Unrestricted Residual Balances on Sponsored Program Awards following internal procedure 8-16.
  • Financial Close-Out of expired accounts.

The Post Award division of the Office of Sponsored Programs is the only office authorized and responsible to compile and submit Financial Information on sponsored awards on behalf of the University of Virginia to sponsors, auditors and others.

FSR Reminder letters are sent to the principal investigator and department by email close to sixty (60) days before the award end date. A FSR Memo and Check List are also sent out at the end date and several weeks after as necessary.

The Oracle financial or “Integrated System” contains the official records for all Sponsored Program awards (“G” or “Z” accounts). All reporting must match the figures in the Integrated System. Unallowable, unallocable or unreasonable costs are expenses not in compliance with specific sponsor terms and conditions or governmental requirements and must be removed to a departmental non-sponsored account. See Compliance section for more information.

Some large grants require interest to be paid on the funds held by the university. If this is the case interest is calculated and applied quarterly. The interest amount for each quarter can be seen in Oracle, GM, Award screen on an installment line.

Financial Reports often are required to be submitted directly to our Sponsors, or they may be required to be included as part of our principal investigator’s Technical Report. Coordination with is encouraged to ensure the sponsor’s contractual terms are complied with, as well as the principal investigator’s needs met.

Some sponsors, as a condition of their funding an award, require cost share expenditure information in their financial reports. In those cases where augmenting information is needed, the Post-Award staff will send a form to be completed and the departmental personnel need to provide the data.

In some cases the financial reporting requires such detailed reporting that the departmental fiscal contact must complete the additional information and provide it to Post-Award. An example would be estimated hours for the period by faculty.