The Department of Education requires financial information be submitted annually. The Finance will use the following procedures to file the financial reports. The grant accountant will provide information for sections 7, 8, and 9 of the ED524B form for the Department of Education annual reports.
The reporting period is not the same time frame as the grant budget year. The reporting period is the start of your current budget period through 30 days prior to the due date of the report. If a previous report has been filed to the Department of Education then the start date would be the next day after the end date of the last report and the current end date would be 30 days prior to the due date of the current report. If this is the first report to be filed with the Department of Education then use the start date of the grant and the end date 30 days prior to the due date of this report.
- Previous Budget Period for Federal grant funds and non Federal funds (match/cost sharing). If a prior report ED524B was filed then you would report the current budget period as #8b from the prior report in the column for the current report #8a Previous Budget Period.
- In 8b report all actual expenditures from the reporting period time frame of this report. Cut and paste a spreadsheet of the actual expenditures from the PeopleSoft system for this report. For the cost sharing again cut and paste a spreadsheet from the PeopleSoft system of the actual expenditures for the cost sharing account number.
- In 8c Entire Project Period you must report the entire project period (performance period) for the Federal grant expenditures and the non Federal (match/cost share) expenditures.
The information should also be reviewed and verified by the Controller before it is provided to the Primary Investigator and to the Office of Sponsored Programs.
Update the annual Federal Cash Transfer reconciliation schedule and provide for the Controller to review. At fiscal year-end, ensure that the annual filings reconcile to the OMB Circular A-133 Schedule of Federal Awards noted on the audit report.
Complete instructions for the PI to submit the online e-Report and the ED524B form are found at the U.S. Department of Education web site.