Sponsored Programs prepares the financial status report (FSR) in accordance with the Uniform Guidance (2 CFR 200) (formerly OMB Circular A-110). The guidelines detail the complete and timely submission of financial reports and other such closeout procedures for federal grants and contracts. Implementation of the new Uniform Guidance procurement standards has been delayed until July 1, 2017, so for now you may continue to operate under the procurement requirements of OMB Circular A-110.
Failure to adhere to these reporting requirements in connection with a specific grant or contract may result in the withholding by the federal agency of new awards campus-wide or the suspension of payments for costs incurred by the University on other projects funded by the agency.
This section uniform administrative requirements for grants and agreements with institutions of higher education and other non-profit organizations. It covers (in part): Cash Management/Drawdown of funds, etc., Record Retention, Program Income, Procurement Standards, Property Standards, Cost Sharing, Financial Reporting.