Sponsored Project Financial Management
The PI is responsible for complying with all the financial terms and conditions of the award. This includes ensuring that costs are correctly charged to the index according to the sponsor-approved project budget and the terms and conditions of the award.
Each expense charged to the index must be directly related to the project, allowable under the terms and conditions of the award, and included in the sponsor-approved budget. Any questions concerning the allowability of costs should be directed to the POC prior to incurring the cost. The POC can assist the PI in determining if the cost is allowable under the current budget or if a budget revision is required.
Remember the PI is ultimately responsible for all costs charged to their index. While the PI may delegate some responsibility for the day-to-day management of finances or other tasks to departmental or project staff, the PI remains accountable for compliance with university and sponsor requirements. Such designated employees’ names need to be provided to the Purchasing Department as having authority to approve spending on the award, approve purchase requisitions and/or invoices.
The PI must complete Banner 100 Basic Navigation, Banner Finance 201 Introduction and 204 Reports and Queries training in order to monitor the index activity and generate financial reports. Find more information at the HR Training Page.
The PI and the PI’s unit (department and college) are responsible for any over expenditures or any costs determined unallowable by the sponsor, OGRD, or auditors. Therefore,it is recommended that the PI require that he/she or his/her designee approve all project-related expenses in advance of the expenditure to ensure compliance with the terms and conditions of the award.