Financial Reporting and Award Closeout


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Billing, Financial Reports and Close Out

The Financial Specialists prepare and submit all sponsor required financial reports. This unit is also responsible for invoicing and collection of sponsored funds as the result of awards received. As part of the preparation of these reports, the Financial Specialists review expenditures, including costs shared items for both sponsor and institutional fiscal compliance. This unit is responsible to review F&A calculations on sponsored awards and if appropriate perform an IDC rebudget according to sponsor guidelines.

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  • Review billing requirements of new and/or amended awards.
  • Prepare invoices to sponsor in accordance with sponsor terms and conditions, including reporting of cost-share requirements.
  • Perform routine collection activity.
  • Analyze and adjust facilities and administrative (F&A/ IDC) costs
  • Prepare and submit all sponsor-related financial reports, including pertaining cost sharing. Submit all ARRA & FFATA reporting.
  • Collect all cost share that was offered at the time of application.
  • Process carry forwards.
  • Process refunds to sponsors.
  • Monitor cash postings and cash position of awards, increase budgets as result of cash received in excess of the budget.
  • Deposit funds directly to “Key Bank” from sponsors to the RF account, as well as refunds from vendors; identify sponsor payments received by Central Office or by OVPR.
  • Prepare initial invoices for new clinical trials.
  • Perform close out of awards.
  • Assist with audits, providing all the financial backup as requested.
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