Fiscal Administration

Roles & Responsibilities of Fiscal Management of Project Execution

Understand and apply the cost principles, effort fundamentals and other fiduciary obligations that are agreed to in the acceptance of sponsored funds.
Direct the posting of project expenses to the appropriate project in accordance with University and sponsor policies, and state and federal laws and regulations.
Coordinate with department administration (or OSP Grants Accounting if there is no department administration assistance) for a regular (monthly) review of project expenditures to ensure allocability, reasonableness, and necessity of costs.
Authorize cost transfers in a timely manner in accordance with university and sponsor policies and state and federal laws and regulations.
Coordinate department administration to identify and authorize cost sharing obligations and expenditures, if applicable.
Provide oversight for re-budgeting, cost transfers, and carry forwards. Coordinate with department to initiate resolution to any cost overruns.
Prepare continuation proposals or technical progress reports in a timely manner.

Coordinate with the PD/PI to initiate expenses and payroll distributions necessary to start work on the project.

Assist the PD/PI to verify the authenticity and accuracy of expended funds.
Review and approve charges on projects to verify that costs are reasonable, and transactions represent an appropriate allocation of costs in accordance with university and sponsor policies, and state and federal laws and regulations. Process those transactions in the university’s financial systems.

Assist with department maintenance of necessary documentation for purchases. Maintain records that will permit ready auditing by internal or external auditors.

Coordinate with PD/PI for a regular (monthly) review of project expenditures to ensure allocability, reasonableness, and necessity of costs.
Cooperate with University Compliance and monitoring efforts related to financial management and reports instances of noncompliance to the appropriate compliance office.
Coordinate with the PD/PI to prepare and seek PD/PI, chair, dean and OSP approval on prior approval requests such as no-cost extensions, authorizations for pre-award spending, re-budgeting requests, changes in key personnel, and more.
Review and authorize cost transfers a timely manner in accordance with university and sponsor policies, and state and federal policies and regulations.
Provide timely non-payroll cost-sharing documentation to OSP Grants Accounting.
Coordinate with PD/PI to resolve any cost overruns, if applicable.

Establish departmental procedures supporting university policies and procedures for managing sponsored project expenditures.
Provide direction, resources, and oversight for cost sharing obligations and expenditures.
Provide direction for re-budgeting and cost transfer activities in accordance with state and federal regulations and university and sponsoring agency policies and procedures.
Assist OSP and Research Compliance in ensuring compliance with university and sponsor policies, and state and federal laws and regulations, such as mandatory training in effort fundamentals and cost principles, proper stewardship of funds, response to audit inquiries, and any other questions related to the management of funds or conduct of research. The department will be held responsible for all cost overruns and disallowances.

Establish college/unit procedures supporting University policies and procedures for managing sponsored project expenditures.
Clearly delineate the college/unit expectations in meeting the department administration responsibilities for fiscal administration of sponsored projects.

In coordination with other central offices with responsibilities in the management of sponsored programs, OSP will develop institutional policies and procedures and direct institutional systems and trainings to ensure compliant project execution.
Prepare and reconcile financial reports required by sponsors.
Manage the sponsored programs revenue cycle from invoicing through collection.
Provide institutional leadership for training, systems, and best practices related to cost transfers. Evaluate cost transfers for allowability. Provide final review of cost transfers involving sponsored projects. Review data for opportunities to enhance training and identify business processes for improvement.
Review cost sharing expenditures, and if allowable, document those expenditures in the university accounting system.
Provide institutional leadership for reporting systems supporting the management of sponsored project expenditures.
Review project expenditures and advise on allowability of those expenditures. If appropriate, direct the transfer of those costs to other cost centers.
Perform final fiscal review of all expenditures on projects and fiscally close the project after the completion of project performance.