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New York University School Of Medicine

New York University School Of Medicine. Grant Management Improving Timeliness and Accuracy of Cost Allocations May 2005. Grant Management?. Principal Investigator (PI) has grant “A”, which terminates 9/30, as well as a discretionary account PI receives a new grant “B”, which begins 7/1

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New York University School Of Medicine

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  1. New York University School Of Medicine Grant Management Improving Timeliness and Accuracy of Cost Allocations May 2005

  2. Grant Management? • Principal Investigator (PI) has grant “A”, which terminates 9/30, as well as a discretionary account • PI receives a new grant “B”, which begins 7/1 • Research costs continue to be charged to grant “A” despite some of the costs relating to new grant “B” • The laboratory becomes very active, and timely cost allocations are not performed • The PI initiates stop-gap transfers to “B” and the discretionary account, but not enough to avoid a deficit

  3. Grant Management? (Cont’d) • Grant “A” terminates in deficit, now forcing hard look at what can be transferred out • To properly reconcile, grant “A” charges needs to be fully identified and allocated • PI now needs to examine who was charged to each grant, for what period, and the functions they performed • Retro-active transfers processed involving all accounts

  4. Grant Management ? (Cont’d) • Grant “B” is now due to terminate 6/30 and research is soon to be completed • PI goes on vacation • Upon PI’s return, in August, FA is looking for assistance to balance out and report on “B”, due September 30th • PI now wants to transfer costs off of the discretionary account to Grant “B” • The cycle continues

  5. Grant Management Scenarios Ideal Research, Financial & Programmatic Management Timely Reporting Completed A W A R D Research, Less Financial & Programmatic Management Material Adjustments Required Late Reporting Less Than Ideal Compliant Reporting Window Non-Compliant Reporting Budget Year Timeline 90 Days Beyond 90 Days

  6. Utilization of Cost Transfers Untimely P-Card Allocation Insufficient Compliance Knowledge Unexpected Late Charges Lack of Interdepartmental Cooperation Routine Allocations Cost Transfers Slow Response to Issues Late Award and Account Set-Up Temporary Salary Transfer Untimely Grant Review Lapse in Financial Analyst coverage NOTE: Must be timely to be acceptable

  7. Ensuring Timely Cost Allocation • Expedited account set-up and authorization with the Sponsored Programs Office(SPA) • Merged restricted funds accounting with financial analyst(FA) group to promote system redesign • Instituted bi-monthly forecasts, improved coverage among FA’s, online CPP’s, and utilization of grant spending report for billing • Focus group meetings with departmental administrators • Help involve PI’s in grant administration • Assist in getting PI to act proactively • Offer more PI training

  8. Ensuring Timely Cost AllocationPhase II – We Need Your Assistance! • Restrict/Limit use of cost transfers • Federal guidelines state cost transfers MUST be processed within 90 days • Non-compliance could result in • Loss of privileges such as StaplesLink and P-Cards • PI having to cover costs from other funds • Forfeiture of grant balances(referenced in cost transfer)

  9. Projected Spending Report Graph

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