PROGRESS AND EXPENDITURE REPORTS

Annual Progress and Expenditure Reports are required to be furnished to the Foundation with respect to each year of the award. These reports should furnish evidence of satisfactory progress as to the purposes of the award and shall provide an accounting as to the use of award funds.

The first Annual Progress and Expenditure Report is due the fifteenth day of March and will cover activities and expenditures for the previous eleven month period, April 1 of the previous year to the end of February of the current year, and anticipated activities and expenditures for the remaining month. Grant funds for the second year will not be disbursed if such report containing the required information is not received in a timely fashion. A Final Progress and Expenditure Report is due thirty days following the end of the second year of the award. The Final Report should describe the accomplishments with respect to the award and include an accounting as to the use of all funds received. It is the responsibility of the grantee institution to ensure that such reports reach the Foundation on time.

In the exceptional situation involving a third year of support, the Foundation must be furnished Annual Progress and Expenditure Reports with respect to the first two years of the award and a Final Progress and Expenditure Report within thirty days after the end of the third year of the award.

It is essential that the reports be made on a timely basis as provided above.

Funds unexpended at the end of the first year of a grant may be carried over to the following year, except that any funds unexpended by the grant termination date must be returned to the Foundation unless there are special circumstances which cause the Foundation to waive this requirement.

The Annual Progress and Expenditure Report need not be lengthy, but must include a summary of work completed and copies of papers and reports published and an accounting as to the expenditure of the Award funds. Such report should mention the existence of any major new developments with respect to the particular research project or with respect to research in the field, which might influence the individual's approach to his/her research plan, as originally contemplated.

Each Annual Progress and Expenditure Report (including the Final Progress and Expenditure Report) should carry the signature of the Department Chairperson reflecting his/her approval. The Department Chair should also append a brief statement to each report relating to the individual's progress with respect to the purposes of the grant.