One of the responsibilities of the PAF team is to prepare and submit all financial reports related to grants, contracts, and other Restricted Fund accounts. To meet this responsibility, the PAF team relies on working in partnership with the schools, departments, and divisions that administer these accounts.
An important aspect of this partnership is related to sharing information. Quite often, communications from the funding agency regarding financial reporting will be sent directly to the PI or administrator. Such communication should be forwarded to the PAF team in order to meet the reporting requirements of the funding agency.
An example of such communication from a funding agency is when the agency sends updated forms that are required to be used to submit the financial reports. If a report is submitted using an out-of-date form, it is typically rejected, resulting in it being necessary to re-submit the report on the current forms. This might result in the funding agency being reluctant to award future funding.
It is important that funding agency forms received by the PI or administrator are forwarded to the PAF team for report submission. Also, requests from funding agencies for financial reports should be forwarded to the PAF team.
Every effort possible is made to submit financial reports within the funding agencies deadline in order to be in compliance with institutional and agency policies, as well as to enhance our institution’s standing as a deserving recipient of grant and contract funding.