1. Canada Foundation for Innovation “New Tools for the New Economy”
Financial Reports Information Session

2. Financial Reports Information Session Agenda
Award finalization
General information on financial reports
Accessing and editing the report
Completing the report
Final reports - Additional requirements
Printing and submitting the report
Other topics (records keeping, contribution audits)
Examples of financial reports for on-going and final projects
Question period
Financial Reports Information Session
Financial Reports Information Session

3. Documents to be provided to CFI :
Award Finalization
Documents to be provided to CFI :
Itemized list
Summary of Secured Contributions
Confirmation of Award Conditions
Award Agreement
Confirms maximum CFI amount, total eligible costs per Itemized list and agreed CFI share of eligible costs
Planned instalments
Signed by President or Designated representative AND Account Administrator
Financial Reports Information Session
Financial Reports Information Session

4. Submission requirements:
General Information
Submission requirements:
June 15th of every year for the previous April 1 to March 31 period (cumulative results)
Need to submit if funding has been received at March 31
Need to submit every year until project is completed
Final report and request for last payment is due within 6 months of end of project
Financial Reports Information Session
Financial Reports Information Session

5. Information to include in the report:
General Information
Information to include in the report:
Actual expenditures and cash flow projections (for ongoing projects)
Forecasted eligible costs and contributions per the award agreement
Revised eligible costs and contributions at the reporting date
Explanation for significant variances between original plan for the project and the actual or forecast plan
Funding sources (actual and forecasted)
Financial Reports Information Session
Financial Reports Information Session

6. Use of financial reports by CFI:
General Information
Use of financial reports by CFI:
Assess if project is on track
Assess appropriateness of cash flow projections for future instalments for multi-year projects
Verify that CFI’s contribution will not exceed agreed CFI share of eligible costs
Determine the portion of the holdback to be released every year
Ensure sufficient resources available (when requested in agreement)
For final projects, certification that project has been completed and that matching funds have been received and spent
For final projects, determine the final payment to be made by CFI.
Financial Reports Information Session
Financial Reports Information Session

7. Accessing and Editing the Report
How to access the report:
Template is on CFI’s web site at
Located in the Forms and Download section of the web site
Password required to access the report
Enter the project number to access the Project Financial Reports screen
Can select an existing report or create a new one by entering a new year
Year entered should be the first portion of a fiscal year (ex. Enter 2000 for reporting period of April 1, 2000 to March 31, 2001). Year entered is important because triggers column headings.
Screen example - Appendix 1
Financial Reports Information Session
Financial Reports Information Session

8. Accessing and Editing the Report
How to edit the report:
Click on the “Edit/Enter” icon
Sequential screens to facilitate original data entry (Screen example - Appendix 2)
Always press the “Save and exit this section” button after information has been entered to save the information
Totals in each section appear only after you have saved the information
Always enter amounts rounded to the dollar only (no pennies)
Financial Reports Information Session
Financial Reports Information Session

9. Overview of project funding (Basic Info):
Completing the Report
Overview of project funding (Basic Info):
Screen example - Appendix 3
Project title, project leader and CFI amount should appear completed
Only two types of information to enter:
Indicate if the report is a final report or not
Start date and end date
Financial Reports Information Session
Financial Reports Information Session

10. Total eligible contributions from partners (Lines 5 to 12):
Completing the Report
Total eligible contributions from partners (Lines 5 to 12):
Screen example - Appendix 4
Provides details on eligible contributions from partners
Need to distinguish by type of funding partners
Need to distinguish between cash and in-kind contributions
Line 12 is the sum of lines 5 to 11 and is automatically copied to line 1 of the report (Screen example - Appendix 8)
Financial Reports Information Session
Financial Reports Information Session

11. Total eligible contributions from partners (Lines 5 to 12):
Completing the Report
Total eligible contributions from partners (Lines 5 to 12):
Column 1:
Should be taken from the Summary of Secured Contributions provided to finalize the award agreement
Purpose is to provide a comparison with the revised forecast
Numbers should not change from year to year
Ensure you are using the final Summary of Secured Contributions
Financial Reports Information Session
Financial Reports Information Session

12. Total eligible contributions from partners (Lines 5 to 12):
Completing the Report
Total eligible contributions from partners (Lines 5 to 12):
Column 2:
Represents a best estimate at the report date
Sum of two elements : Actual contributions received as of the date of the report and anticipated contributions to be received in the future
Column is the sum of columns 3, 4 and 5 of the same table plus any amount anticipated to be received after the two year forecast
Purpose is to enable CFI to determine if funding still remains adequate
Financial Reports Information Session
Financial Reports Information Session

13. Total eligible contributions from partners (Lines 5 to 12):
Completing the Report
Total eligible contributions from partners (Lines 5 to 12):
Column 3:
Represents contributions received at the report date (cumulative numbers)
Cut-off is the report date and not the date of preparation
Include only the contributions physically received up to the cut-off date (i.e. promise to receive should not be entered)
Exception : For amounts received from provincial government that include a holdback, include the gross amount (including holdback even if will be received at a future date)
Exception does not apply to CFI holdback - Need to be shown separately at line 2
Financial Reports Information Session
Financial Reports Information Session

14. Total eligible contributions from partners (Lines 5 to 12):
Completing the Report
Total eligible contributions from partners (Lines 5 to 12):
Columns 4 and 5:
Represent contributions expected to be received in the future
Expected timing of the receipts is important for CFI since used to compare to cash flow schedules
Columns should be left blank only when final report is submitted
Financial Reports Information Session
Financial Reports Information Session

15. Total eligible costs - Actual and forecast (Lines 13 to 23):
Completing the Report
Total eligible costs - Actual and forecast (Lines 13 to 23):
Screen example - Appendix 5
Provides details on the eligible expenditures for the project
Need to classify by types of expenditures
Need to distinguish between cash and in-kind costs
Line 23 is the sum of lines 13 to 22
Line 23 must equal line 3 at all times for columns 1 and 2
Line 23 must equal line 3 at all times for column 3 for final reports
Financial Reports Information Session
Financial Reports Information Session

16. Total eligible costs - Actual and forecast (Lines 13 to 23):
Completing the Report
Total eligible costs - Actual and forecast (Lines 13 to 23):
Column 1:
Should be taken from the Itemized list provided to finalize the award agreement
Purpose is to provide a comparison with the revised forecast
Numbers should not change from year to year
Ensure you are using the final Itemized list
Financial Reports Information Session
Financial Reports Information Session

17. Total eligible costs - Actual and forecast (Lines 13 to 23):
Completing the Report
Total eligible costs - Actual and forecast (Lines 13 to 23):
Column 2:
Represents a best estimate at the report date
Sum of two elements : Costs incurred as of the date of the report and anticipated costs to be incurred in the future
Column is the sum of columns 3, 4 and 5 of the same table plus any costs anticipated to be incurred after the two year forecast
Purpose is to enable CFI to determine if funding still remains adequate
Financial Reports Information Session
Financial Reports Information Session

18. Total eligible costs - Actual and forecast (Lines 13 to 23):
Completing the Report
Total eligible costs - Actual and forecast (Lines 13 to 23):
Column 3:
Represents costs incurred as of the date of the report (cumulative numbers)
Cut-off is the report date and not the date of preparation
Include only the costs for items physically received as of the cut-off date (i.e. purchase orders should not be considered if goods are not received)
Financial Reports Information Session
Financial Reports Information Session

19. Total eligible costs - Actual and forecast (Lines 13 to 23):
Completing the Report
Total eligible costs - Actual and forecast (Lines 13 to 23):
Columns 4 and 5:
Represent costs expected to be incurred in the future
Expected timing of these costs is important for CFI since it is used to compare to cash flow schedules
Total eligible costs is more important than exact breakdown between expenditure types
Columns should be left blank only when final report is submitted
Financial Reports Information Session
Financial Reports Information Session

20. Total eligible costs (Attachment):
Completing the Report
Total eligible costs (Attachment):
Need to complete for FINAL reports only
Provides a detailed list for each expenditure type presented at lines 13 to 22
List needs to be created separately using either Word, WordPerfect, Excel, Lotus or a PDF file format and attached to the report (Screen example - Appendix 6)
Format of the List should be the same as the Itemized list provided to finalize the award agreement and should make reference to the specific line number of the financial report (Example - Appendix 7)
Important for CFI given need to be able to compare and conclude if funds have been spent in accordance with the agreement
Financial Reports Information Session
Financial Reports Information Session

21. Actual or forecast contribution (Lines 1 to 4):
Completing the Report
Actual or forecast contribution (Lines 1 to 4):
Screen example - Appendix 8
Provides summary information and calculates the CFI funding %
Used by CFI to determine if holdback amounts should be released and to ensure CFI’s agreed funding % is not exceeded
Only information to be entered is on line 2 - Template automatically copies line 12 to line 1 and calculates lines 3 and 4
Need to save the information for the template to update lines 3 and 4
Financial Reports Information Session
Financial Reports Information Session

22. Actual or forecast contribution (Lines 1 to 4):
Completing the Report
Actual or forecast contribution (Lines 1 to 4):
For line 2:
The total amount of CFI contribution as per the award agreement needs to be entered in columns 1 and 2
The actual amount of CFI contributions received (i.e. actual cash received) needs to be entered in the first part of column 3
If report is not final - enter the amount of the current holdback in the second part of column 3
If the report is a final report - enter the balance due from CFI in the second part of column 3 (obtained from “Final Report - Request for final payment” section of the report
Financial Reports Information Session
Financial Reports Information Session

23. List of in-kind contributions:
Completing the Report
List of in-kind contributions:
Screen example - Appendix 9
Purpose is to provide details on in-kind contributions received and to be received in the future and an explanation of differences with the Itemized List
Need to provide sufficiently detailed listing to enable CFI to make the comparison with the Itemized List
Important to provide reason for significant differences (greater of 10% of CFI’s contribution or $50,000) between Itemized List / Summary of Secured Contributions and actual contributions
Financial Reports Information Session
Financial Reports Information Session

24. Details of eligible funding from eligible partners:
Completing the Report
Details of eligible funding from eligible partners:
Only required for FINAL reports
Provides further details for amounts listed at lines 5 to 11
Information provided will allow CFI to compare actual funding received to the Summary of Secured Contributions and to report on the partners and the sources of matching funds for CFI projects
Screen example - Appendix 10
Need to provide partner’s name and assign a code for the organization type
Financial Reports Information Session
Financial Reports Information Session

25. Details of eligible funding from eligible partners:
Completing the Report
Details of eligible funding from eligible partners:
“Total forecast per award agreement” columns should be exactly the same as presented in the Summary of Secured Contributions
“Actual to end of project” columns represent actual contributions received
Ensure total of amounts listed for each type of organization matches the amounts listed at lines 5 to 11
If a partner is listed in the itemized list but no amount was received, should still be listed with an actual contribution of nil
Financial Reports Information Session
Financial Reports Information Session

26. Financial resources for operations:
Completing the Report
Financial resources for operations:
Only needs to be completed if requested in the award agreement
Screen example - Appendix 11
Column 1 should be the amounts provided to CFI originally
Column 2 represent best estimate at date of the report
Column 3 to 5 represent actual support and forecasted support for the next two years
NOTE : This section will be modified (after the June 15 deadline) to reflect the most recent application form
Financial Reports Information Session
Financial Reports Information Session

27. Differences between original and actual or forecast plan:
Completing the Report
Differences between original and actual or forecast plan:
Required to provide explanation of significant variances (greater of 10% of CFI’s contribution or $50,000) in :
forecast contributions VS actual/forecast contributions
forecast expenditures and actual/forecast expenditures
time required for development/acquisition/installation of infrastructure
actual or planned use of infrastructure used for research and other purposes
actual and forecast operating costs and funding available for operating costs
Financial Reports Information Session
Financial Reports Information Session

28. Differences between original and actual or forecast plan:
Completing the Report
Differences between original and actual or forecast plan:
Must also explain how identified problems have been or will be corrected
Info used by CFI to :
assess adequacy of timing of cash disbursements
appropriateness of CFI % of funding
assess adequacy of corrective actions
Level of details provided must be sufficient to allow CFI to make above assessment
Financial Reports Information Session
Financial Reports Information Session

29. Request for final payment:
Completing the Report
Request for final payment:
Screen example - Appendix 12
Needs to be completed for FINAL reports only
Boxes filed in automatically
Need to verify accuracy of the information
The “Balance Due” should be entered in the second part of line 2 (column 3)
Refund to CFI required if the balance due is negative
Financial Reports Information Session
Financial Reports Information Session

30. Final Reports - Additional Requirements
Complete the “Details of eligible funding from eligible partners”, “Total eligible costs (Attachment)” and “Final report - Request for final payment” section of the financial report
Submit a hard copy of the financial report with original signatures (in addition to submission on the web)
Signatures of the Account Administrator and from the CEO or an authorized representative required
Note : Final holdback only released after reception of the signed hard copy
Financial Reports Information Session
Financial Reports Information Session

31. Printing and Submitting the report
A hard copy of the report can be printed by clicking on the Print icon in the “Project Financial Report” screen (Screen example - Appendix 1)
Recommend that print the report and verify accuracy before submitting
A verification outline is included in the instructions manual to assist in the verification of accuracy
Report should be submitted electronically by the account administrator
Financial Reports Information Session
Financial Reports Information Session

32. Printing and Submitting the report
Two security levels:
Data entry
Submission (Account administrator)
Passwords required
Finance contact at the institution - Communicate to CFI if this person is other than the Account Administrator
Financial Reports Information Session
Financial Reports Information Session

33. Planned Improvements and CFI Contacts
List of projects with report due by June 15
Access to planned instalments
By Project
By Date
Feedback on CFI review of reports submitted
Your suggestions are always welcome
Questions and comments should be addressed to: Christine Charbonneau Manon Harvey Manager, Finance Vice-President, Corporate Services Tel: (613) Tel: (613)
Financial Reports Information Session
Financial Reports Information Session

34. No need to submit documentation to CFI unless requested
Records Keeping
Institutions must maintain financial records and project accounts with revenues for each CFI award
Records must identify various eligible funding sources and eligible costs
Need to maintain a verifiable audit trail for all eligible cost (including in-kind contributions)
Need to keep all supporting documentation for at least 5 years following completion of a project
No need to submit documentation to CFI unless requested
Financial Reports Information Session
Financial Reports Information Session

35. CFI reserves the right to review and audit any project
Contribution Audits
CFI performs an audit of all projects with total eligible costs of more than $10 million
CFI reserves the right to review and audit any project
A representative sample of reports will be reviewed every year
Institutions will be notified when one of its projects is selected for an audit
See appendix 13 for procedures to be done by the auditors and information to be prepared by the institution
Financial Reports Information Session
Financial Reports Information Session

36. Financial Report example
Example of a financial report for an on-going project
Example of a final financial report
Class review of Appendix 3 and 4 included
in the Instructions Manual
Financial Reports Information Session
Financial Reports Information Session

37. Question Period Financial Reports Information Session