Although the deadline to submit your Cash Resource Report will be in early fall, it is highly recommended that you begin reviewing and closing out your financial records from the past year now. This includes reconciling your books, making any necessary corrections or adjustments, and ensuring everything is in order to meet the reporting deadline.
If your organization uses the De Minimis indirect cost rate, now is the time to review and reconcile your indirect cost calculations based on finalized direct expenses.
Additionally, please check whether your total federal expenditures exceeded the $1 million threshold. If so, you are required to engage an independent auditor to conduct a single audit. This requirement applies to all federal funds received, including those from other programs and funding clusters, and may necessitate a full institution-wide single audit rather than a program-specific one.