Policy 2116: Interim and Final Financial Reports

Subject Area: Sponsored Awards
Responsible Office: Financial Services
Sponsor: Chief Financial Officer
Originally Issued: October 1992
Revised: February 2010
Refer Questions To: Christine Sorensen, 773-702-2398

Purpose: To establish responsibility for submitting financial reports to awarding agencies.


  1. Financial Services is responsible for submitting interim and final financial reports required under grant and contract agreements.
  2. Principal investigators, or their designees, are responsible for providing to Financial Services information needed to document allowable costs that are to be reported to the awarding agency.
  3. Interim and final financial reports must be submitted by the due date required by the award.
  4. The University Financial Accounting System (FAS) represents the official books of record supporting all required financial statements.
  5. Financial Services is responsible for conducting reviews to ensure to the extent possible that reported expenditures are authorized and allowable under terms and conditions of awards and are in accordance with University and sponsor policy.