The Purpose of Reconciliation Reports in MyFD
The Reconciliation report provides a convenient means to electronically record fiscal oversight in MyFD by using the Reconciliation Status (often referred to as budget "sign off" process). Additionally, reports in MyFD meet records retention requirements and are an eco-friendly electronic alternative to manual, paper-based practices.
The Reconciliation Process
The PI is responsible for spending the awarded funds based on the project plan. The reconciler reviews the expenditures based on the research administration principles (2 CFR 200) of allowability (after examining federal, state, and UW regulations), allocability, consistent treatment, and reasonableness.
Once the budget has been reconciled and reviewed by a finance manager, the “Reconciliation Status” in MyFD will read "Reviewed". The reconciler will notify the PI via e-mail confirming the budget is reconciled and alert the PI to the deadline for their approval.
NOTE: Access to Reconciliation is governed by ASTRA authorization for a budget or organization code, which allows the MyFD user to perform reconciliation duties.
This policy adheres to the University of Washington’s guidance from UW’s Financial Reporting.