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Award Management

9.7 Other Financial Management Issues

9.7.1 Overspent Projects

It is the responsibility of the PI to ensure funds are spent appropriately, including remaining within the allotted budget amount. If for any reason an anticipated continuation or preliminary award is not funded, or over-expenditures are incurred on a project for which the contract or grant is terminating, the principal investigator or cognizant department will be deemed responsible for paying the cost overruns. Serious misuse of funds, particularly federal funds, will be handled through the University of Utah Code of Faculty Rights and Responsibilities.

Any subsequent disallowance made by the auditors and sustained by the awarding agency will be the responsibility of the PI or the department, subject to such exceptions as the President may authorize on recommendation by the cognizant Vice President.

9.7.2 Underspent Projects

To avoid needing to return funds not spent by the end of the project period or the perception of poor project planning, careful planning, monitoring, ongoing communication with the sponsor, and revising the work plan as needed should be practiced throughout the life of a project.

Last Updated: 12/1/22