Audits & Reports

Audits

As outlined in the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards subpart F educational institutions are responsible initiating annual audits of federally sponsored project awards that address the adequacy of internal policies and procedures and verify compliance with federal laws and regulations, determine compliance with the general requirements, and determine compliance with specific requirements.

The Office of Sponsored Projects staff is responsible for coordinating audits with external auditors. It is the policy of the College that a member of the OSP staff will be present at each audit being performed by an external sponsor. At times auditors may request interviews with College personnel or wish to tour a particular College facility. External auditors will be accompanied by a member of the OSP staff during any such interview or tour of a College facility.

Project Management Reports

Interim Progress Reports

The Principal Investigator is responsible for submitting interim/final progress reports to the sponsor within the specified time frame and format indicated by the sponsor in the award document. The format of progress reports is usually determined by the sponsor. If a sponsor does not indicate a format, the Principal Investigator is advised to use a standard format that addresses the following project management concerns:

• A review of the accomplishments to date as compared with schedule and objectives as outlined in the original proposal
• A review of the challenges faced by the award in attempting to meet the schedule and objectives as outlined in the original proposal
• Supporting statistical data or documentation
• Management activities, such as documentation or training materials produced, staffing issues, etc.

Budget Review

Comparison of actual expenses against the projected expenses. Expected shortfalls, reasons for them occurring, and what steps the Principal Investigator has taken to remedy or forestall a shortfall should be included in the budget review. Likewise, if a project is under-spending, this should also be discussed.

An interim progress report does not have to be long, but should thoroughly describe accomplishment and problems. In describing problems it is important to accurately represent the extent of the problem, what is being done to address it, and what effect the problem may have on the long-term success of the project. The Principal Investigator should remember the interim progress report can set the stage for initiating new projects, or requesting additional time or supplemental funding to complete the present project.