As part of the closeout of sponsored projects that require financial reporting, PASC Grants Account Managers and Grant Accountants prepare a Financial Recap for the PI and Department Administrator. The Financial Recap is an extremely important aspect of project close out and therefore recaps must be reviewed, certified, and returned by the requested due date. Recaps are crucial for:
- Compliance: Ensuring all expenses adhere to sponsor regulations and cost principles.
- Accurate Reporting: Determining final expenditures for Final Financial Reports (FFRs).
- Adjustments: Informing necessary salary and non-salary adjustments for project closure.
- Invoicing: Determining final invoices for cost reimbursable awards.
- Payment management: Informing adjustments in the payment management system for specific billing codes.
The risks of delinquent financial recaps include:
- Non-payment: Sponsors may refuse to pay late invoices.
- Funding risks: Late reports can jeopardize future funding.
- Financial responsibility: Unrecovered expenses due to delinquent reports may become the responsibility of the PI's management center or department.
If you need assistance with the completion of specific Financial Recaps, please contact your grant accountant for assistance.