(Version 3) Financial reporting

Financial reporting is required for most Open Competition, Standalone & Strategic grants. The financial report schedule follows project years and takes the grant start date as the reference point. 

When a financial report becomes available, NORMA sends an e-mail notification. You can access it in My Tasks → Financial Reports.

Important
If a budget revision is open or saved as draft, financial reporting may be locked until the revision is submitted or cancelled.

What you need to do

When completing a financial report, you must:

• Enter spent amounts for the reporting period via Report actuals
• Add comments explaining any deviations form the approved budget
• Upload documentation only if requested in the report/task

Where to find the financial report

You will receive an e-mail notification from NORMA when a financial report becomes available. Find financial reports int eh Administrator Portal under My Tasks → Financial Reports:

How to submit a financial report

1. Open the Financial Report for the relevant grant and year.
2. Click the Report actuals button to input funds spent for the budget period.
3. Use the Comments field to describe any deviations from the budget.
4. Click Submit Report.

What happens next

The financial report will be reviewed by a Grant Officer for approval.

If the financial report is approved, NORMA automatically created a Budget Revision taks if the total reported amount differs from the approved total budget and the report includes either a new budget item or an item deviating by more than 10% from the approved budget. Futher payments may be blocked until the budget revision is completed and approved.

Find the Budget Revision in My Tasks. See: (Version 3) Submit a Budget Revision – NORMA Help Center.

Note: 

• Exchange rates
  NNF does not prescribe fixed exchange rates. Please follow your institution’s standard guidelines and apply them consistently.
• Equipment costs
  Equipment should be reported at actual costs incurred. Depreciation should not be used.

Related to

• Administrators