Grants Accounting serves an important role of ensuring all financial information related to sponsored projects are accurately reported in the University financial statements. This information is captured at the award setup and serves various functions throughout the project’s life-cycle.
Grants Accounting must ensure that all information needed for future reporting and analysis is captured at set up. This information is used for internal and external reporting, audits, surveys, and data analysis. The review ensures all users of the provided information are receiving accurate and valuable data.
The data obtained at setup serves several purposes throughout the life-cycle of the project. When reviewing the award documents, Grants Accounting is assessing the following:
All charges to a grant must be allowable based on University policies, grant terms and conditions, and Uniform Guidance.
Federal regulation established by the Office of Management and Budget in 2 CFR 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards govern the allowability of expenditures to a federal grant. For a list of unallowable costs identified in Uniform Guidance, please see the Guidelines for Unallowable Costs. It is also important to be knowledgeable of the University policies and grant terms and conditions, as there may be instances where these are more stringent.
Cost share requirements established within an award from a sponsor obligate the University to fund the expenditures related to the grant during the project term. It is important to know the cost share requirements within the award agreement and to monitor them on a regular basis.
Expenditures related to cost share are identified within the Budget Inquiry by a department number of 3XXXXXXXX. Upon award setup, the funding department is identified and a monthly funding entry is entered. This will appear as an expenditure to the funding department (account 9414) and as revenue to the cost share department (account 5714).
If access is needed the Fischer Identity Management Access document can provide instructions for processing this request. If you do not have a TRAX user ID, a request will need to be submitted. The TRAXHelp website can provide useful instructions on initiating this setup.
In regards to federal, state, and private sponsored programs and financial aid programs, any external agency audits and reviews should be coordinated through Grants Accounting. If your department receives a review notice, or is contactd by an agency representative to schedule an onsite or desk audit, plesae route the contact to Suzanne Weems. Grants Accounting will facilitate the agency review and provide coordination as needed with other departments, including the completion of any data requests, required schedules, and reports for the agency, as well as communicate results and recommendations to responsible parties.
Contact Purchasing to request the project ID be added to your account. When the project ends, notify Purchasing to remove the project ID from Payment.net.
Refer to the Purchasing Card website for information regarding purchasing on a P-card.
It is critical that a review of all transactions is performed on a monthly basis, as the information affects the University’s financials and reporting to the sponsor. Provide detailed descriptions of the purchases made in order to facilitate Grants Accounting’s review of expenditures to assess allowability. Note that there may be instances where documentation is requested for the purposes of determining allowability or because the transaction is selected for audit. Therefore, it is crucial that all supporting documentation is maintained.
If the end date of your grant is approaching, it is important to perform a thorough review in advance. This review should include project expenditures, cost share requirements, and reporting obligations. If all transactions have posted to the grant and reporting requirements have been met, please contact Grants Accounting to initiate the closeout process.
Certain sponsored programs receive reimbursement from the sponsor for facilities and administrative (F&A) expense budgeted within the sponsored program. The University currently shares a portion of recovered F&A for discretionary use by the PI and sponsored program home department via F&A Revenue Share departments. Reports are distributed monthly to the TRAX department managers. These reports provide the account balance available for use and monthly activity. For assistance with interpreting the monthly F&A Revenue Share detail reports, or for inquiries regarding the use of funds, contact Suzanne Weems.