After an award has been issued and the terms and conditions of the award have been agreed to by both parties, it is the responsibility of the University to ensure that these requisites are followed.
Managing the responsibilities of sponsored research funds is a complex undertaking as proper stewardship of the funds is a responsibility that must be shared among many individuals within the University. Sound financial management of these sponsored funds is critical and will also decrease serious cases of fraud, institutional mismanagement, and poor management of federal funds.
Because a variety of different issues may arise during this phase of a sponsored project, it is important to review the notice of award to see what specifications are listed.
It is the responsibility of the Principle Investigator (PI) to ensure the proper management of the grant. The Office for Research and the Office of Grants and Contracts Accounting will provide support and guidance for any of the following guidelines or terms and conditions of the award:
- Creating new indexes for sponsored projects
- Maintaining and updating grant information on the accounting system
- Monitoring compliance with OMB Circulars and Cost Principles
- Assisting with sponsored funding related questions
- Tracking budgets and assist with rebudgeting
- Invoicing agencies and drawing Federal Funds
- Preparing and submitting financial reports
- Monitoring collections and receipts for receivables on sponsored projects
- Approving expenses made with sponsored funding (supplies, travel, and equipment)
- Time and Effort Reporting
- Tracking Equipment purchased
- Overseeing Subcontracts and Subrecipients
- Completing close out activities when the project is complete