6.7 Financial reporting
6.7.1 Submission deadlines
The CFI determines an institution’s financial reporting frequency based on the size of the award and other parameters affecting the risk of the project. The reporting requirements for each project are defined in the award agreement, but may be modified by the CFI (and communicated to the institution) if there are changes to the project risk factors.
For interim financial reports that are due annually or every two years, the submission deadline is June 15. Institutions must report cumulative results as at March 31 of the same year for any ongoing project that received CFI funds prior to April 1 of that year (for annual reporting), or prior to April 1 of the previous year (for every two year reporting). If the institution will submit a final financial report by September 30 of that year, it does not need to submit an interim financial report. This means that projects that are completed quickly may only ever have to submit a final financial report. The final financial report must be submitted within six months of project completion (see 6.6.2 Delays in the acquisition of the infrastructure and project completion).
The CFI will withhold all institutional payments when an institution does not comply with reporting requirements for any of its awards. Institutions must submit all financial reports electronically in CAMS.
6.7.2 Content of financial report
The financial report includes information on:
- Actual and forecasted eligible costs (for ongoing projects)
- Actual and forecasted contributions to eligible costs from eligible partners
- Actual and forecasted changes (see 6.6 Changes to infrastructure projects) that have not been previously approved by the CFI
- For the final financial report only, any changes to the infrastructure.
In the financial report, institutions must disclose the various funding sources and the full actual cost of all eligible items, even if the cost of these items exceeds the estimated cost reported in the proposal or at award finalization.
6.7.3 Request for final instalment
To request the final instalment for a given project, institutions must submit a final financial report. The report must state the final total eligible costs and contributions and include certification that:
- The information provided in the financial report is accurate
- The resources are available for the operation of the infrastructure over its useful life
- The administration of the funding is in accordance with this Policy and program guide, the institutional agreement and the award agreement
- The project is now complete (i.e., all the infrastructure has been acquired or developed and is operational, and all costs have been incurred).
Institutions must ensure that the CFI’s contribution does not exceed the maximum allowable CFI funding share of eligible costs (typically 40 percent) or the maximum CFI amount, whichever is lower.