OMB recognizes that financial reporting can be excessive if not centrally managed. Therefore federal agencies usually follow common financial reporting formats. Federal agencies should not impose upon universities forms or frequencies of reporting that go beyond the requirements of OMB Circular A-110/Uniform Guidance .
In most cases, subrecipeint agreements will be to other universities for services similar to those performed by the University (research, instruction, and public service). The subrecipient agreement document will be referenced as either a subcontract, subgrant, or sub-agreement. This determination will be based on the prime award being issued as a contract, grant, or agreement.
When a project is ending the closing team in the Accounting and Financial Compliance group of SPA works with PI’s, BSC’s and Departments to ensure all appropriate expenses have been applied, final billing and financial reporting completed, final payments collected, and other reports have been submitted before closing out the grant funds.
The closeout process is automated through Banner workflow so that processes can be completed sequentially by PI’s, Departments, BSCs, and the closing team in SPA.