Sponsored Research
Research CCHIP #010
CLARIFICATION OR CHANGE IN PROCEDURE (CCHIP)
Financial Monitoring and Reporting of Sponsored Projects
OVERVIEW
±«Óãtv is responsible for managing the day-to-day activities related to sponsored projects including financial monitoring and reporting, in order to notify the sponsoring agency of developments that may have a significant impact on project-supported activities.
Financial monitoring is accomplished through the use of reports generated from ±«Óãtv’s Enterprise Business Applications, audits & reviews, and departmental site visits to ensure compliance to University and sponsoring agency policies.
Sponsoring agencies may require the submission of periodic financial and progress reports. In monitoring the progress of the sponsored project, sponsoring agencies may require additional reports such as invention reports and audit reports. The frequency and format for reporting is determined by the sponsoring agency and indicated in the sponsored project terms and conditions.
The failure to submit complete, accurate, and timely reports to the sponsoring agency may result in the suspension of a sponsored project or the withholding of a non-competing continuation award. Other enforcement actions may include the withholding of payments, converting to the reimbursement method of payment, if advance payment is allowed, or the imposition of special terms and conditions.
DEFINITIONS
Financial Monitoring and Reporting – Activities performed by the recipient to ensure that sponsored projects are used for authorized purposes in compliance with laws, guidelines, and the provisions of the sponsored project and that performance goals are achieved; may include reviewing transactions & financial data, performing internal departmental site visits and producing periodic reports during the conduct of the sponsored project to assess internal controls.
Financial Report – An account of expenditures and obligations from ±«Óãtv’s Enterprise Business Application for all sponsored projects; may be in the form of an invoice or request for reimbursement.
Progress Report – A written testimony of the evolution of the sponsored project toward the achievement of the originally stated goals and objectives that lists all significant results (positive or negative), reasons why established goals were not met (if applicable) and includes a list of publications.
Recipient – An entity that expends awards received directly from a sponsoring agency to carry out a sponsored project.
Sponsored Project – Any grant, contract, or other agreement between the ±«Óãtv and a sponsoring agency.
Sponsoring Agency – The agency that provides an award directly to the recipient.
CLARIFICATION OR CHANGE
±«Óãtv shall conduct periodic financial monitoring and reporting to ensure sponsored projects are in accordance with sponsoring agency guidelines and to identify potential areas of risk.
Financial monitoring and reporting begins upon award acceptance and continues throughout the sponsored project until closeout and the expiration of the retention period for recordkeeping.
A significant part of financial monitoring and reporting is the PI’s responsibility for reviewing monthly financial reports and ledgers to examine expenditures, encumbrances and remaining spending authority. Prior to financial reporting, the PI or designee must ensure that all expenditures are reasonable, allocable to the sponsored project, consistent, and conform to any limitations or exclusions set forth in the terms and conditions of the award. The PI or designee shall provide information to Sponsored Research as needed, to produce financial reports for the sponsoring agency.
Sponsored Research Post Award shall prepare and submit all interim financial reports, final financial reports and invoices based on ±«Óãtv’s Enterprise Business Application financial records and in accordance with the terms and conditions of the sponsored award.
PROCEDURES
Principal Investigator
- Review monthly financial reports and ledgers with department administrative staff to examine expenditures, encumbrances and remaining spending authority with department administrative staff to ensure that financial records accurately reflect the use of sponsor funds.
- Ensure expenditures are in compliance with the terms and conditions of the sponsored project and ±«Óãtv policy.
Department Administrative Staff
- Review monthly financial reports and ledgers with the PI to examine expenditures, encumbrances and remaining spending authority with department administrative staff to ensure that financial records accurately reflect the use of sponsor funds.
- Provide information to Sponsored Research to support timely interim and final financial reporting.
- Prepare documents for submission to Sponsored Research to initiate expenditure transfers to correct errors or over expenditures.
- Maintain financial records in accordance with CCHIP #007 Retention and Access Requirements for Records Related to Sponsored Projects.
Sponsored Research Post Award
- Conduct periodic financial monitoring and timely reporting of sponsored projects.
- Remind the PI and department administrative staff of reporting milestones.
- Review sponsored projects for unallowable costs and overspending during financial monitoring and reporting.
- Check the calculation of F&A charges during financial monitoring and reporting.
- Prepare, approve, and submit interim financial reports, final financial reports, and invoices.
- Maintain financial records in accordance with CCHIP #007 Retention and Access Requirements for Records Related to Sponsored Projects.
CONTACT
Please address your comments or questions regarding this CCHIP to Sponsored Research Compliance.
RELATED REFERENCES
AGENCY GUIDELINES
(Federal awards issued prior to 12.26.14)
(Federal awards issued on or after 12.26.14)
EFFECTIVE DATE
This CCHIP is effective as of the date of revision and rescinds all previous versions pertaining to the Financial Monitoring and Reporting of Sponsored Projects.
ISSUED: February 29, 2008
LAST REVISION: August 16, 2018