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.
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.