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:
- Principal Investigator Expenditure Certification Checklist ( PDF)
Overview and checklist designed to assist PIs in reviewing and approving sponsored project exenditures.
- How to lookup AR (Invoice Number) in NUFinancials ( PDF)
Job aid for looking up invoice numbers in NUFinancials.
- Total Cash Received on Sponsored Awards ( PDF)
Guide to finding the total amount of sponsored payments received by ASRSP on a sponsored project in Cognos.
- Payroll Journal Decision Tree ( PDF)
A flowchart to follow when considering a transfer of payroll charge onto a sponsored project.
- Paper Payroll Journal Approval Flowchart for Chicago ( PDF)
A guide to the required approvals for a payroll journal on the Chicago campus.
- Paper Payroll Journal Approval Flowchart for Evanston ( PDF)
A guide to the required approvals for a payroll journal on the Evanston campus.
- Searching for Sponsored Invoices in NUFinancials ( PDF)
A guide to checking the status of invoices submitted by NU to sponsors when your PI is a subcontractor.
- Searching for Sponsored Payments in NUFinancials ( PDF)
A guide to checking the status of payments received by NU from sponsors when your PI is a subcontractor.