Award Management

9.2 Financial Management

The federal government has extensive oversight for financial and regulatory compliance. The compliance environment has become much more rigid. Government agencies and private industry insist upon assurance that funds are appropriately spent and that the work is completed and at the highest standards.

In addition, compliance with a diversity of laws, assurance that charges to sponsored projects are allowable and allocable, and documentation of cost sharing and program income are critical issues in university audits. Listed below are some regulatory areas of concern.

See also Manage Your Budget in the Grant Life Cycle.

9.2.1 Financial Management Reports

The Office of Grants & Contracts Accounting prepares monthly financial management reports. These reports summarize the monthly expenditures and are sent to the PI’s. The management reports consist of four separate reports: Summary of Revenue and Expense, Detail Transactions, Encumbrance Report and Balance Sheet.

Go to Section 9.3 >>

1. Post-Award Administration
   1. Role of PI in Post-Award Administration
   2. Role of PI in Subrecipient Monitoring
2. Financial Management
   1. Financial Management Reports
3. Summary of Revenue & Expenses
4. Detail Transactions Report
   1. Open Encumbrances Report
   2. Balance Sheet
5. Post-Award Changes & Approvals
   1. Changes Requiring Prior Approval
      1. Re-budgeting
      2. Additional Compensation
      3. Changes in Objectives or Scope
      4. Absence or Change of Key Personnel
      5. Foreign Travel
      6. New-Subcontracts/Sub-Agreements
      7. No-Cost Extensions
      8. Carry Forward
      9. Relocation or Transfer
6. Effort Reporting
7. Other Financial Management Issues
   1. Overspent Projects
   2. Underspent Projects
8. Reporting Responsibility
   1. Interim Progress Reports
   2. Project Close-Out
      1. Final Technical Report and Other Deliverables
      2. Final Financial Report
      3. Final Inventory Report and Title to Property
      4. Patent and Invention Report
   3. Late Reports or Non-Reporting
      1. Government Agency Policies
      2. University Policies
9. Records Retention
   1. University Ownership and Responsibilities
   2. Principal Investigators Responsibilities
   3. Duration of Retention of Data
   4. Access to Records
   5. Transfer of Data or Records When a Researcher Leaves the University