Monitoring Your Grant

For proper management of your unit's sponsored funds it is imperative that budget statements are reconciled on a regular basis to ensure that expenditures are charged correctly and within appropriate guidelines. Using these tools, regular monitoring of your sponsored projects helps to:

  • Ensure that costs are consistent with the project schedule and incurred between the start and stop dates of the project.
  • Discover any errors in your budget, encumbrances, or expenditures. Errors can be caused by a service department, an end user, or a system-generated issue. (The longer an error remains uncorrected, the harder it is to show that allowability and allocability are in compliance with the University Cost Transfer Policy).
  • Confirm the availability of project funds as needed.
  • Avoid overspending, which may cause a deficit and limit further spending.
  • Verify that corrections and cost transfers have been made or are made in a timely manner.
  • Maintain good documentation for an audit if one should occur in the future.

Tools for Investigators and Administrators: