We are preparing to submit an NSF Phase I SBIR and are wondering what the reporting requirements will be if the grant is awarded. In particular, we are interested in financial reporting requirements so that we can identify what type of accounting processes will need to be in place. Also, does a Phase I NSF involve an audit?
The NSF has a template for reporting purposes. The milestone report is required every 6 months for an NSF Phase II. During Phase I, there are no required reports; however, the client will need to go through the CAP/CAAR review when they approach Phase II that will review how the Phase I funding was spent.