All expenditures must be finalized before the scheduled project end date. Sponsored Programs managers work with principal investigators to finalize all expenditures in preparation for submission of final invoices and reports to sponsoring agencies. The Research Foundation is required to submit all final reports and invoicing as defined in the sponsoring agency requirements. Failure to adhere to these requirements may negatively impact the organization’s opportunities for future funding.
Principal investigators are responsible for submitting the final technical reports and for retaining copies of all program materials and project reports. Copies of the reports must also be forwarded to the assigned Sponsored Programs manager. The fund account is generally not considered closed until the final technical reports have been submitted to the agency.
Financial and Other Reports
Based on the nature of the project additional reports may be required by the sponsoring agency, such as the fiscal report, invention technology reports, or the equipment inventory report. The Sponsored Programs manager will assist the principal investigator with preparing and submitting any additional required by the sponsor.
Sponsoring agencies generally require the Research Foundation to retain financial records on closed awards three years after the last report has been submitted; however, some sponsoring agencies require records to be retained for five years.