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Monitoring Your Grant

It is imperative that budget statements are reconciled on a regular basis to help you manage your sponsored funds and ensure that expenditures are charged correctly and within appropriate guidelines. 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.

Cognos Reports have been created specifically to assist you in monitoring your sponsored project:

GM044 - Sponsored Project Portfolio

  • This report displays balances for active projects including totals for direct and indirect expenditures as well as encumbrances by department and/or principal investigator
  • It can run for negative balances only to monitor deficit spending
  • Drill through available by project to the GM045 - Sponsored Project Budget Statement

GM086 - Projects Balances Report

  • Similar to Sponsored Project Portfolio, but with added data fields including ASRSP GCFA Name, Award ID/Sponsor ID, Start and End dates
  • No drill through capability

GM045 - Sponsored Project Budget Statement

  • Displays direct and indirect expenditure totals by project against the total budget amount along with project demographic data
  • Dollars are broken out and shown by Current Accounting Period, Fiscal Year to Date, and Inception to Date

GL008 - Revenue and Expense Activity Report

  • All transactions affecting the budget for the current period
  • Revenue and expense are displayed by Project and it is possible to drill through to transactional data

SC016 - Open Encumbrances

  • Shows open encumbrances and helps users to reconcile budgets and track purchase orders that have not been finalized

GL005 - Summary Budget Status

  • Summarizes budget for revenue and expenses for a specific Fund, Dept ID, Project
  • Can be used to track cost sharing commitments and funding received for a project

GL069 - Financial Summary

  • Displays summarized expense and revenue (actuals and budget) financial information by chart string for a DeptID or School/Unit, reflecting the typical Expenses, Revenues, and Ending Balance, as applicable
  • Can be used to track cost-sharing commitments

Tools for Investigators and Administrators: