CAAR performs financial capability reviews to determine whether a prospective awardee has adequate financial resources, or the ability to obtain such resources as may be necessary to perform under the award. Because the need for financial information and analysis, and the scope and detail of analysis may vary with the circumstances of particular cases, the extent of financial data and its evaluation will be determined by the judgment of CAAR staff. However, CAAR generally requires financial statement submission and analysis for the two most recent accounting years.
The evaluation of financial capability of a prospective awardee is of particular importance and will require more detailed analysis where the prospective awardee: (1) is a new entity; (2) has not had any ongoing awards with NSF within the preceding 24 months; or, (3) is known to be experiencing financial difficulties. In addition to submission of financial statements, these organizations could be requested to provide: (1) latest available interim financial statement; (2) detailed budgets of the organization for the proposed project period; (3) various documentation to support amounts reported in financial statements; and/or, (4) documentation relating to existing or contemplated credit or financing arrangements.
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