Financial Reporting and Audit
Supporting Researchers with Accurate, Transparent Financial Reporting.
Financial Reporting and Audit (FRA) plays a critical role in safeguarding the financial integrity of USM’s sponsored projects. The unit ensures that all funds are managed in strict accordance with university policies, sponsor guidelines, and state/federal regulations. FRA provides comprehensive support throughout the award lifecycle — from managing budget changes and cost transfers to preparing invoices, overseeing financial reporting, and coordinating audits. Collaborating closely with PIs and departmental staff, FRA ensures accurate tracking and documentation of project funds. This allows researchers to focus on their discoveries, knowing that their financial responsibilities are in expert hands. Through diligent oversight and transparent practices, FRA helps Southern Miss maintain strong financial accountability and audit readiness.
Key responsibilities include:
- Audit Coordination: FRA manages all sponsored project audits, including responding to audit notices, organizing documentation, facilitating communications between stakeholders, and ensuring timely and accurate submission of audit materials. In the event of findings, ORA leads the development and implementation of corrective actions.
- Budget and Expense Management: FRA oversees budget revisions, cost transfers, and expense approvals to ensure expenditures are allowable, allocable, and reasonable under Uniform Guidance (2 CFR 200). They also coordinate salary recovery and provide guidance on account coding.
- Financial Reporting and Invoicing: FRA’s assigned Contracts & Grants Accountants are responsible for all invoicing and financial reporting related to awards, following a schedule that may include monthly, quarterly, or milestone-based reporting.
- Award Closeout: RA oversees the full award closeout process, including submission of final financial and technical reports, cost share documentation, equipment disposition, and invention disclosures, ensuring compliance with sponsor and institutional policies. Click here to access detailed Closeout Procedures.
- Compliance and Guidance: FRA provides proactive guidance to faculty and staff, facilitates training, and helps maintain audit readiness through thorough record-keeping and adherence to sponsor guidelines.
Through centralized coordination and expert support, FRA upholds USM’s financial integrity in research administration, ensuring compliance and stewardship of external funding. For step-by-step guidance, detailed procedures, and helpful tools, visit our Virtual Manual.
If you have questions or need assistance, feel free to contact our team members directly:
Corrie%20Stringer, Director ext. 6-4100
Sally%20Downey, Assistant Director ext. 4-3240
Nikki%20Lee, Sr. Accountant ext. 6-4439
Niesha%20Archie, Accountant ext. 6-5488
Yvette%20Barncastle, Accountant ext. 6-6607
Cooper%20Murray, Accountant ext. 6-5542
Jenni%20Schmidt, Accountant ext. 6-4847
Darlene%20Shepherd, Accountant ext. 6-6312