Controller's Office Policy CO 03 10
A. Policy Statement
The department receiving the sponsored research award is responsible for the daily management and administration of the related funds. This requires closely monitoring expenditures to assure that the terms and conditions of the award are being followed and that funds are being expended in accordance with OMB Circular A-21 requirements for allowable, allocable and reasonableness, and in accordance with University policies.
It is the dual responsibility of the Principal Investigator (PI) and the Financial Manager (or designate) to monitor and approve all expenditures related to the sponsored project. Any unallowable expenditures or deficit fund balances become the responsibility of the administering department to pay from another departmental fund and not from a sponsor award fund.
The original records and supporting documents of expenditures should be maintained by the department for three years.
Once the award is established, the Financial Managers (or designate) are responsible for reviewing the award document, reconciling it with the information on the Banner Financial and communicating any corrections or inconsistencies to the Post Award located in Lumbee Hall, room 312.
Fund transactions must adhere to the attributes, structure and funding methods established by Controller’s Office, and display fund numbers accordingly on forms for routing, approval, and electronic data processing.
Financial Managers (or designate) are requested to:
B. Reason for Policy
Providing such general responsibilities clarifies expectations and specific tasks of Post Award that are ascribed to Principal Investigators and Financial Managers (or designate).
Sponsored research often generates program income, such as fees for laboratory services, conference fees, third-party patient reimbursements, etc. Treatment of program income varies by agency. Thus, the Post Award officer should be notified in cases where program income is foreseeable or accumulates to establish the proper funding method to maintain such income in accordance in federal requirements.
Updated: Wednesday, December 11, 2013
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