What is the Final Action Date, and why is it important to departments and PIs?
The Final Action Date (FAD) is the last day the budget is open for the department to post expenditures. After the FAD, your budget will automatically change from status 1 (open to revenue and expenditures) to status 3 (closed to revenue and expenditures, open to expense transfers).
Where can I find my Final Action Date?
Each budget's FAD is listed on its Budget Information page on GrantTracker.
How is the Final Action Date (FAD) determined?
The FAD is based on the due date for your budget's final report and/or invoice as stipulated in your award agreement. The FAD is before the due date mandated in the award to allow GCA sufficient time to prepare each budget's final reconciliation.
Why does the Final Action Date matter?
Any charges that post to a budget after its FAD will not be included in the final report, invoice, or letter of credit draw. While GCA will consider submitting a revised report or invoice where there are extenuating circumstances, the sponsor is not contractually obligated to accept a late or revised report or invoice, or to allow a late draw of funds. If a sponsor does not reimburse an invoice or allow drawing of charges that posted after the FAD, the department is responsible for the resulting cash deficit.
By working to ensure that all expenditure transactions, including expense transfers, have posted to the budget by the FAD, you will help UW maintain good relationships with our sponsors by providing them timely and accurate final deliverables, reports and reimbursement requests.
Why is THIS budget's Final Action Date so much earlier than others for awards with the same end date?
A budget with a short window for final invoicing and/or reporting will generate an early FAD. Most sponsors allow 60-90 days after the award end date to complete final invoicing or reporting, which generates a FAD over a month after the end date.
However, if the sponsor allows 30 days or fewer, the FAD window will also be short. GCA recognizes that this short turn-around time produces challenges for departments, especially for procard charges, travel reimbursements, subaward invoices, and other charges where expenditures post after they are incurred. However, if you follow the procedure below for pending charges, credits, or transfers, we can incorporate these transactions.
What if we have pending charges, credits, or transfers that we cannot get posted by the Final Action Date?
GCA understands that some charges can be slow to post, especially travel reimbursements, Procard charges, and subcontract invoices. If your FAD is approaching and you know you will have late transactions, you may use GrantTracker to send us a detailed list of pending items. Please provide us with the exact dollar amount of each transaction and its expenditure code (e.g. $1776.04 in 04-Travel, $18,156.18 in 03-62 Subcontracts) ON OR BEFORE THE FINAL ACTION DATE, and we will incorporate the pending items into your final invoice and/or report. HOWEVER, federal budgets that are reimbursed via LETTER OF CREDIT must have all transactions post BEFORE the final draw deadline.