The University of Chicago

Financial Services

  

Financial Status Reports

Almost all sponsoring agencies require a Financial Status Report (FSR) at the end of the award, but some also require interim FSRs. Sponsored Award Accounting is responsible for seeing that the FSRs are submitted to the sponsoring agency. FSRs not submitted timely may result in the sponsoring agency withholding payments and/or suspending future award activity for all University principal investigators.

In some cases, Sponsored Award Accounting can prepare an FSR from the University’s AM090, 91 Accounting Reports. However, in most cases the AM090, 91 Accounting Reports have to be augmented with trailing transaction information (i.e., expenditure charges or credits that have not yet been posted to FAS).

In those cases where the AM090, 91 Accounting Report information has to be augmented, Sponsored Award Accounting will notify the Account Administrator No. 1 approximately 45 days prior to the FSR period end date that a FSR is due. The notice will request that the trailing transactions be itemized on the Closing Memo Worksheet that is attached to the notice and that the Closing Memo Worksheet and supporting documentation be returned at least 15 days prior to the FSR due date.

In a few cases, the FSR requires such detailed reporting that the Account Administrator No. 1 must complete it. In these cases, the Account Administrator No. 1 must provide Sponsored Award Accounting with a reconciliation of the FSR to the AM090, 91 Accounting Reports. Upon approval of the reconciliation, the FSR is submitted to the sponsoring agency.


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