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:
- Chart String Reconciliation Procedures A guide to understand who should authorize and approve transactions, the significance of approving a transaction, and the process of reconciliation.
- Tools for Utilizing GM096 Grant Transaction History Queries
- How to lookup Account Receivable (Invoice Number) in NUFinancials Job aid for looking up invoice numbers in NUFinancials.
- Indirect Cost Check Accounting Services for Research and Sponsored Programs (ASRSP) Closeout
- Payroll Journal Decision Tree A flowchart to follow when considering a transfer of payroll charge onto a sponsored project.
- Paper Payroll Journal Approval Flowchart for Chicago A guide to the required approvals for a payroll journal on the Chicago campus.
- Paper Payroll Journal Approval Flowchart for Evanston A guide to the required approvals for a payroll journal on the Evanston campus.
- Principal Investigator Expenditure Certification Checklist Overview and checklist designed to assist Principal Investigators (PIs) in reviewing and approving sponsored project expenditures.
- Searching for Sponsored Invoices and Payments in NUFinancials A myHR Learn advanced level course that covers checking the status of invoices submitted and payments received by Northwestern to sponsors when your PI is a subcontractor.
- Total Cash Received on Sponsored Awards Guide to finding the total amount of sponsored payments received by ASRSP on a sponsored project in Cognos.