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Post Award Workshop

Post Award Workshop. April 5, 2005. Fiscal Responsibilities. 1. University Wide Responsibilities Every university employee has a responsibility to ensure that the university’s funds are used to advance the mission of the university and the academic needs of the student.

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Post Award Workshop

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  1. Post Award Workshop April 5, 2005

  2. Fiscal Responsibilities 1. University Wide Responsibilities • Every university employee has a responsibility to ensure that the university’s funds are used to advance the mission of the university and the academic needs of the student. • Individuals have the responsibility of ensuring that all authorizations or expenditures comply with university expenditure policies as well as with any sponsoring agency or donor restrictions and applicable policies.

  3. Fiscal Responsibilities 1. University Wide Responsibilities • A good rule of thumb is to always consider the appropriateness of the expenditure. Should the expense be paid from public funds? • Fiscal controls must include a system of supervisor checks and balances at all levels of the organization for all expenditures. The reviewing of the monthly account statements and payroll reports for accuracy is one example of a check and balance. The Accounting Services Department is always available for consultation.

  4. Fiscal Responsibilities 2. Principal Investigator Responsibilities • Assurance of appropriateness, reasonableness, timeliness and allowability of expenditures • Management of expenditures within start and end dates, not to exceed award amount • Initiation of requests for re-budgeting and cost transfers • Preparation of technical reports and provision of other deliverables • Review of interim financial reports on a monthly basis

  5. Fiscal Responsibilities 2. Principal Investigator Responsibilities • Documenting of cost-share/matching funds if required • Review of employee effort reports (payroll certifications) • Timely final financial close out of projects • Initiation of request for time extensions • Other information is located at http://www.admin.mtu.edu/research/sprot/responsilbiities.html

  6. Award Process Flow Chart RSP Receives the award RSP contract/grant reviewer PI must review and approve Terms & Conditions RSP for processing Authorized by University Official

  7. Award Process Flow Chart RSP Sponsor PI Finance Sets up an Index # PI Receives Index # Coordinator Receives Index #

  8. Project Administration Flow Chart PI receives Index # Coordinator Receives Index # • Are there enough funds? • Are the expenses within • the start and end date? Initiate payroll status And Distribution forms to Payroll Yes Yes Do you need to pay someone? NO STOP Do you want to buy something? Yes • Are there enough funds? • Are the expenses within • the start and end date? Yes Initiate PO/check request/IB/travel voucher/etc NO STOP

  9. Project AdministrationMonitoring Expenses & Progress Principal Investigator Receives Report by Pool via email Departmental Coordinator Receives Detailed Report via email Review Account Statements Are corrections needed? Initiate Reallocation, Contact RA for advice, initiate IB for Credit Card reallocations YES NO Is there a modification required? Initiate a Request for Modification for to RSP YES NO

  10. Project AdministrationMonitoring Expenses & Progress NO Initiate Payroll Status Form, Purchase order or Check Request Are there Cost Share Expenses to be Processed? YES NO Is your project complete? Submit Technical Reports & Deliverables Contact Research Accounting YES NO KEEP WORKING

  11. Reallocation of Expenditures • http://www.admin.mtu.edu/research/sprot/training/realloc_exp.pdf • The Principal Investigator of each index involved is required to sign the form. • All reallocations should be made within 90 days of the original charge. Additional signatures are required for reallocations 60 days after the original charge. • Any expenditure allocable to a particular sponsored project may not be shifted to other sponsored projects in order to meet deficiencies caused by overruns.

  12. Reallocation of Expenditures • Due to the fact that closely related work may be supported by more than one funding source, the reallocation of expenditures from one source of funding to another may be allowable. Provided that: • The expenditure is an allowable charge • The initial charge could have been appropriately charged to the other project • The charge is represented in the approved budgets of both projects.

  13. Reallocation of Expenditures 4. The reallocation explanation clearly explains why the charge is appropriate to either project. • The reallocation of expenditures form is located at:http://www.admin.mtu.edu/acct/pdf/ResearchAcct/ reallocation_of_expenditures.pdf • The payroll reallocation form is located at: http://www.admin.mtu.edu/acct/pdf/ResearchAcct/ Payroll_Reallocation_Form1.pdf

  14. PROJECT CLOSEOUT • http://www.admin.mtu.edu/research/sprot/ training/proj_closeout.pdf • The normal closeout period is 90 days, however, some projects require closeout as early as 30 days. ALL TECHNICAL REPORT AND DELIVERABLES SHOULD BE TURNED IN BY THIS DATE. • For projects with a positive balance (non firm fixed price) the PI must inform Research Accounting what action to take. • If no advice is received within a few days of the required close-out the budget will be reduced and the sponsor will not be billed in full, or funds will be returned to the sponsor.

  15. PROJECT CLOSEOUT • For Firm Fixed Price agreement with a positive remaining balance the Transfer & Close section of the Request for Modification form can be filled out to request that the balance be transferred to an unrestricted Research Account (i.e. incentive account) The form is located at: http://www.admin.mtu.edu/research/sprot/ forms/req_mod.pdf • For projects with a deficit balance the following slides will indicate the action to be taken.

  16. Expenditures Exceeding the Award Amount • http://www.admin.mtu.edu/research/sprot/training/exp_%20exceed_award.pdf • Research Accounting will inactivate the index so no further charges can occur (This does not stop payroll charges) • The PI needs to work closely with Research Accounting to correct deficits as soon as possible • The PI should identify a non-sponsored account with sufficient funds to cover the deficit

  17. Expenditures Exceeding the Award Amount • In the absence of specific advice within a few days of the required close-out the deficit will be charged in the following manner: • 1st to the PI’s incentive account to the extent funds are available • Then to the Department’s incentive account to the extent funds are available • Then to the Dean’s incentive account

  18. Special Fees & Use Charges: Procedure Number 2.2001 Fabricated Equipment: Procedure Number 2.12.10

  19. Electronic Receipt of Account Statements Questions and/or comments?

  20. THANK YOU FOR ATTENDING

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