9.1 Financial Management
The tasks associated with the financial management of externally sponsored funds may be divided into three very broad categories:
• Activities that bring the awarded funds into the institution.
• Activities associated with the management of those funds while they reside in University accounts.
• Activities that support the expenditure of sponsored funds.
Based on the sponsor’s guidelines, the PI/PD, with assistance from OSP, identifies the flexibility of budget categories, including restricted or prohibited budget categories, and notes the schedule for filing financial or technical reports with the sponsor. The process of managing sponsored activity funds is a shared responsibility between the PI/PD, the departmental administrator, OSP, and PAFO, and each has discrete areas of responsibility:
- The Office of Sponsored Programs serves as the primary administrative liaison between PI/PDs, departments, sponsors, the Provost, and other University offices in the post award period regarding award-specific sponsor guidelines and regulations.
- Post Award Financial Operations
- prepares required financial reports;
- manages the billing and collection of sponsored program funds;
- maintains accounting rec
- ords for each sponsor;
- monitors overspending;
- assists in final determination of cost allowability;
- coordinates government, private sponsor, and public accounting firm audits;
- develops and negotiates federal facilities and administrative and fringe benefit rate agreements;
- administers government property accounting inventory;
- conducts space function and departmental administration surveys;
- reviews and approves calculated rates for Service Centers.
The following Sponsored Projects Policies are of direct relevance to the Financial Management of sponsored projects: University Policies