Contracts and Grants Procedure 5 – Budget and Expenditure Report

Fund Statement (FYRWFDST) and Month-to-date Transactions (FYRWFMTD) reports provide monthly updated financial data on each fund. Budgets, expenditures, encumbrances and free balances for University funds are shown on the report by expenditure category and in total.

Monthly fund statements, month-to-date and year-to-date transaction reports are issued for each contract and grant fund. These reports are distributed to principal investigators via e~Print.

The reports will not necessarily reflect all expenditures or outstanding obligations as of the report closing date. Transactions involving departmental invoices such as copy charges, postage, telephone, etc. and in-state travel; are not encumbered and do not appear on the FBM931 Reports until they are paid. It is therefore necessary to consider such outstanding obligations in determining the actual financial status of any particular account.

The Fund Statement (FYRWFDST) and Month-to-date Transactions (FYRWFMTD) reports should be reviewed promptly and used in the financial management process for each fund. Fund balances should be continuously evaluated in regard to expenditure trends, new or continuing requirements, remaining project periods, etc. Prompt action should be taken when necessary to request budget revisions or to curtail project costs. It is imperative that funds not be overdrawn with a view towards making adjustments at a late date. This imposes an unnecessary administrative burden on all concerned, involves retroactive adjustments which require detailed and unequivocal justification, and exposes the University to audit criticism and probable cost disallowances. Reporting errors do occur and these should be resolved as soon as possible with the appropriate personnel in Financial Services. Please feel free to use The Office of Contracts and Grants as your initial point of contact. If we cannot resolve your problem, we will redirect you to the appropriate office.