Financial acquittal

DOWNLOAD THE FINANCIAL ACQUITTAL TEMPLATE

The FRDC requires a financial acquittal for the research provider and a separate financial statement for any Third Party Agreements. The research organisation must also submit a full transaction listing for the duration of the project to verify expenditure. There is no set template for a transaction list, yet expenditure could be grouped by financial year and itemised for:

  • Salaries
  • Travel
  • Operating
  • Capital

Transaction lists are often easiest provided by sending the FRDC an output of your financial reporting system detailing project costs.

If expenditure includes capital items please provide the following:

  1. Were FRDC funds used to purchase the item(s)?
  2. What is (/are) the item(s)?
  3. What is the current estimated value?
  4. Where do the item(s) currently reside?
  5. Are the item(s) being used?

Both financial statement and transaction list are to be sent to the FRDC (frdc.programs@frdc.com.au) as a part of the final report requirements at the completion of a project. The final payment (if applicable) for the project will not be made until a satisfactory financial statement and transaction list is submitted and approved. A final invoice (if applicable) will be required once the acquittal and transaction list have been reviewed.

Note: FRDC may request more information (including current value) on capital items that have been specified in the initial budget or have been purchased throughout the duration of the project.