Award Management

9.3 Summary of Revenue & Expenses

The Summary of Revenue & Expenses report provides a high-level snapshot of the financial status of a sponsored project. It displays budgeted amounts, revenues, expenditures, encumbrances, and remaining balances by account category, as well as totals for the entire project.

This report is organized into the following columns:

Account
The account number identifies and categorizes costs by type or function (e.g., personnel, supplies, travel).

Description
This field provides a plain-language description of each category, such as  Salaries, Travel, Equipment, Supplies, or Facilities and Administration (F&A) costs.

Budget
The budget column reflects the amount authorized by the sponsor, organized by cost category and totaled across the award. 

Current Month Income/Expenses
 This column shows all income and expenditures recorded during the reporting month, broken out by account category and summed for the project. Individual transactions contributing to these totals are detailed in the Detail Transactions Report.

Project-to-Date Income/Expenses
This column reflects cumulative income and expenditures from the project start date through the end of the current reporting month. Current-month activity is included in these totals.

Current Encumbrances
Encumbrances represent committed but not yet expended funds, such as:

• Salary commitments for employees
• Purchase orders or contractual commitments for goods or services.

Detailed listings of non-payroll encumbrances appear in the Open Encumbrance Report, while payroll commitments are itemized separately in the Payroll Earnings and Benefits Summary.

Balance Available
The balance available shows the portion of the project budget that has not yet been spent or encumbered. The total balance reflects remaining funds available for both direct costs and F&A costs, subject to sponsor and University requirements.

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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