Reporting Responsibilities & External Audits

Reporting Responsibilities

Reporting responsibilities on sponsored projects fall into two categories: Financial reporting and technical reporting. Financial reports are sent to the sponsoring agency and prepared by the Principal Investigator (PI) and Sponsored Programs Accounting. The Principle Investigator (PI) or Project Director prepares the technical reports with assistance from the OSP liaison. When a PI receives an award he/she should determine what the agency requires in terms of reporting. It is imperative that reports are submitted in a timely manner and in accordance with the agency's requirements.

Sponsored Programs Accounting assists in the preparation of all necessary financial reports. Most agencies require that final financial reports be submitted within 60-90 days after the termination of a project. In order for Sponsored Programs Accounting to meet these deadlines, it is imperative that any problems in an account, such as outstanding encumbrances, be cleared up within 30-60 days of the termination of the project.

External Audits

Periodically sponsored project accounts are audited by external agencies. Troy University applies the guidelines cited in applicable Office of Management and Budget circulars to sponsored agreements. Sponsored Programs and Sponsored Programs Accounting coordinates all contact with external auditors concerning sponsored projects. In cases in which an audit team requires files, documentation or discussion with other campus personnel, Sponsored Programs and Sponsored Programs Accounting will make arrangements for these discussions or information, and a Sponsored Programs accountant will review any materials and will be present at any discussions. If an external auditor contacts a project director, he or she should refer the auditor to the Principal Investigator's assigned grant or contract accountant.

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