This policy alerts the research community to the urgency of timely submission of Federal Financial Reportings (FFRs) for sponsored awards. For all funds received from a sponsor, UMB agrees to financially manage federal funds in accordance with the Uniform Guidance found in 2 CRF Part 200 {Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards}. Federal agencies have become increasingly stringent about the timely submission of required financial reports as this is considered a key mechanism reflective of proper accountability and good stewardship of funding. Noncompliance with sponsored award reporting has adverse consequences including but not limited to, disallowing costs, withholding of further awards, wholly or partly suspending the grant, and audit finding risks.
View full policy here: UMB Policy on SPAC Federal Financial Reporting (FFR)