Tools for Research Administration at Queen's

USEFUL TIPS for FAST financial reporting #6 - New Information Added to FAST Research Reports

In an ongoing effort to provide timely, useful, and accurate financial information to the research community, additional information has been added to two (2) of the main research reports in FAST – the Project Summary report and the Statement of Operations Research report.

What information has been added?

For all research projects, the “Project Spending Deadline” has been calculated and will now appear in both the Project Summary report and the Statement of Operations Research report. 

As well, the “TRAQ DSS #” is now appearing in the Project Summary report.

What is the “Project Spending Deadline”, and how does the “Project Spending Deadline” differ from the “End Date” of the project?

In most cases, the “Project Spending Deadline” is the same as the project “End Date”.  In certain types of research agreements, however, automatic extensions are granted without requests to extend being required.  In these cases, the “Project Spending Deadline” takes these automatic extensions into account. 

For example, Canada Research Chair projects have a 6-month grace period to allow for spending and commitments to wrap up.  Therefore, if the original agreement “End Date” is June 2015, the “Project Spending Deadline” will appear as December 2015 – 6 months past the project “End Date”.

What types of research agreements allow for automatic extensions?

Generally speaking, some Tri-Council funded programs and Canada Foundation for Innovation agreements allow for automatic extensions under specified conditions.

Where will this information appear in the reports?

Project Summary report – both the “Project Spending Deadline” and “TRAQ DSS #” will appear in new columns in the report.  As well, the “Project Spending Deadline” replaces the “End Date” information included as part of the Project Title.

Statement of Operations Research report - the “Project Spending Deadline” replaces the “End Date” information included as part of the Project Title.

How will this information be used?

The information is primarily intended to provide meaningful information to the research community to better enable financial management of research funds.

In the future, the “Project Spending Deadline” information may be used to indicate when research projects should be closed.  Additional communications will be made before this practice is implemented.

What should I do if I notice problems or have questions with the information in these reports?

If you notice any errors or have any questions about this information, or any other information appearing in your research reports, please contact Financial Services (Research Accounting) http://www.queensu.ca/financialservices/contacts/researchaccounting.html.