Private research institution undergoes sponsored projects financial operations review to improve FFR reporting process

Our client’s need

A private research institution sought assistance in formalizing its process to complete Federal Financial Reports (FFR) for its sponsored research activities. Specifically, the institution needed process overviews and descriptions, detailed procedures for employees to follow, and documented process timelines and responsibilities.

Baker Tilly solution

Leveraging our sponsored research and resource optimization expertise, we devoted a team of key consultants with related technical experience to determine the institution’s objectives and challenges. We interviewed key process owners to gain an understanding of our client’s existing FFR reporting process, and reviewed current policies and procedures to incorporate existing requirements. We regularly met with institutional management to provide timely status updates on our review, and to tailor our deliverables to the institution’s needs.

Results achieved

The institution received provided key documentation showing the recommended future state for the FFR reporting process. Key documentation included a process flowchart with key internal control considerations and a detailed employee procedure document that included a timeline by which the FFR reporting process must be complete. The institution also received a responsibility assignment matrix that detailed the groups responsible for completing and submitting FFRs and an outline that juxtaposed key process changes with identified challenges and corresponding recommendations to remediate and implement the change. We continue to serve this client as a trusted resource on various sponsored research matters.

For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.