Final Financial Reports

When an account is nearing expiration

When an account nears expiration, several notifications will be sent to the project director and the departmental administrator(s) to ensure that all activity is finalized on the account. The Office of Research Administration (ORA) will then prepare the final billing and/or financial report(s) for submission to the agency. If required under the terms of the award, ORA will request any final information related to patents or inventions created during the course of the award. If other closeout information is required, ORA will contact you.

Once the final financial report has been submitted to the agency, a copy of the final report will be sent to you to maintain in your records as an official, auditable record of the grant's expenditure activity.

The Office of Research Administration will notify you as your project nears completion and as final financial reports become due to the sponsor. The types and timing of these notifications are listed below.

90-day account expiration notification

  • This notice is delivered 60-90 days prior to account expiration via email to your fiscal officer.
  • This notice is to advise you and your administrators to review your account for the following in preparation for the final report submission:
    • Allowable expenses
    • Overdraft reconciliation
    • Open encumbrances
    • Final subrecipient invoices and vendor payments

Example of a 90-Day Account Expiration Notice

Account expiration notification

  • This notice is delivered on the account expiration date via email to you and your departmental administrator.
  • The notification will include your account balance, the final financial report due date, and the ORA financial analyst contact information.
  • This notice is a follow-up to advise you and your departmental administrator to review account balances, expenditures (especially IU payroll and practice plan payroll), costs incurred outside the project period, subaward expenses and invoices, and any encumbrances on your account. Review the account expiration notification for additional details.

Example of an Account Expiration Notification

Final report preparation notification

  • This notice is emailed, usually by the fifth business day of the month in which the final report is due, to you and your departmental administrators.
  • The notice will identify an expenditure “final post date”. All expenses must be fully routed and posted to the account by this date to be included in the final report.
  • The notice will provide you and your administrators with at least 10 business days to review and reconcile account before final report is submitted.
  • If the final report due date is a shortened time frame, ORA will split the time with the department equally. Example: The report is due on the 15th of the month, therefore the final post date would be the seventh.
  • Any expenditure posted after the final post date will not be included in the final report to the agency. This is the last opportunity to make corrections and post applicable expenses to the account.
  • No departmental sign-off is required. The period between account expiration and the final post date is the department’s opportunity to finalize and reconcile expenditure activity.

Example of a Final Report Preparation Notification

Final report notification

  • After the final report has been submitted to the sponsor, an email with a copy of the final report will be sent to you and your departmental administrators.
  • Upon submission of the final report, any unresolved unallowable expenses or overdrafts will be managed through a Transfer of Funds document utilizing the designated departmental account.
  • No changes may be made to the account at this time.

Example of a Final Report Notification

Account close

After submission of the final report, the ORA financial analyst will:

  • Reduce the budget to match final expenditures reported
  • Complete a transfer of funds to cover overdrafts and unallowable expenses
  • Confirm that payment has been received in full
  • Generate a KFS account close document