Risk Monitoring and Compliance
- At least annually, OVPR SPS will review subrecipient’s financial stability, financial processes, and controls as follows:
- A-133 entities: Subrecipients that expend $ 500,000 or more of federal funds annually are subject to A-133. Annual A-133 audit certification letters will be requested and reviewed by OVPR SPS. Upon receipt of an unfavorable audit report, OVPR SPS will confirm that the subrecipient has taken appropriate and timely corrective action. Note that the Uniform Grant Guidance raises the audit requirement for a non-Federal entity to expend $750,000 or more in Federal awards during the non-Federal entity’s fiscal year.
- Subrecipients not subject to A-133 or the Uniform Grant Guidance audit requirements: Annual audited financial statements or responses to questions regarding financial status and systems to be completed as part of the Subrecipient Profile Questionnaire will be requested and reviewed by OVPR SPS
- OVPR SPS will review subrecipient compliance certifications annually to ensure they are current in accordance with the applicable regulations
Closeout of Subawards
OVPR SPS, in collaboration with department administrators and/or PI, will begin subaward closeout actions immediately following conclusion of the subaward period of performance. Subawards will be processed for closeout and formally closed within a 60-day time period, unless SPS grants the department an extension. A subaward may not be formally closed until all of the following closeout requirements have been met:
- Final review of costs charged to the University and final close-out of all commitments, accrued costs, or payables.
- Receipt of final invoice from subrecipient and Subrecipient Release and Certification Form (Attachment C)
- Receipt of all required deliverables as specified in the subaward, patent/invention documentation, and equipment reports. Final verification of technical completion will be indicated by the PI’s signature and date on the final invoice