Award Management

9.7 Other Financial Management Issues

9.7.1 Overspent Projects

It is the responsibility of the PI, and any Project Executives (PEs), to ensure that funds for sponsored projects are spent appropriately, including remaining within the allotted budget amount.

The Pi, and PE if applicable, and the cognizant departments will be deemed responsible for paying all cost overruns. If, for any reason: a) an anticipated award continuation or preliminary award is not funded; b) a sponsor bankruptcy occurs; c) there are sponsor non-payments; or d) there are over-expenditurs incurred on a project; then the cognizant department must pay for all cost overruns.

Cost overruns should be cleared with Grants and Contracts Accounting in a timely manner to facilitiate the close of the award.

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 cognizant 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.

Go to Section 9.8 >>

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