Module 6: Grant and Contract Administration

1.2 Managing the research grant

1.2.6 Financial reports

Module 5, Financial Resource and Risk Management, addresses the issue of financial reporting. Complete that module, or at least access the on-line materials to cover topic 5 that covers financial reporting requirements.

The purpose of including the subject in this module is to remind you of the importance of meeting these reporting requirements from day 1 of your project.

If the institution fails to provide financial reports in a timely manner, and in the format requested by the funding body, it will be in breach of its contractual obligations and the grant will be terminated. Not only will the funding body cease funding the research project, but it may also ask for any project funds previously provided to be returned, irrespective of whether or not they have already been expended by the institution.