VCOM Institutional Policy and Procedure Manual

VCOM Policy and Procedure

Policy #R006

Director. The Director will give the PI an orientation session for procedures that will be helpful during the execution of the grant. If necessary, the PI may meet with the Associate Vice President for Research. Good stewardship of the grant takes the joint effort of both PI and VCOM administration and staff. As such, VCOM has responsibilities that will aid the PI to achieve the goals and aims of the project. In support of this effort, the business office portion of the requisition process will work expediently to facilitate the use of restricted funds available for research and programmatic projects. The responsibilities of VCOM include the following:  The ORA will generate monthly fiscal expenditure reports for each grant received. They will be available for immediate PI review.  The ORA will generate all financial reports necessary to remain in compliance with the funding agency. The PI will be given review privileges prior to submission. Financial reports will be submitted in time to meet the due date as required by the funding agency. Programmatic Reports The ORA will work with the PI to facilitate timely submission of programmatic reports. Any questions that the PI has concerning the progress reports may be directed to staff members of the ORA and they will work together to resolve them. 6.2. PI Post-Award Responsibilities The PI must strictly observe the terms and conditions of his or her awards. On most grants, minor changes in project objectives may be made, but prior approval of the sponsor is usually necessary for significant changes in budgets. Contracts and cooperative agreements are more restrictive in expenditure latitude. The PI should review the Notice of Grant Award and adhere to the sponsor’s policies governing the award. The PI has the primary responsibility for the management of expenditures under his or her sponsored project. It is suggested the PIs maintain account ledgers of expenditures so that comparisons can be made with monthly budget statements received from the ORA. Copies of requisitions should be maintained for at least three years after the close of the project. Over-expenditures and incorrect charges should be resolved monthly, in writing, in order to prevent delays and inaccuracies in the preparation of financial reports. The PI must work with VCOM to avoid audit disallowances and criticisms of the stewardship of funds. Consequently, PIs are expected to exercise sound financial practices. Some of these practices are listed below:  Salaries charged to the project should accurately represent the proportion of the individual’s effort actually spent on the project.  Prior approvals from the funding agency should be requested in a timely manner.  Fiscal grants management responsibilities may be delegated to administrative staff, but the PI is ultimately responsible for expenditures and should review the books at least monthly.  Funds should be expended in a timely manner. Spending 90% of a yearly budget during the last active month of the year is not a sound financial exercise. Financial Reports The PI is expected to review and approve all financial reports sent to the sponsors. If there are discrepancies in the figures, the ORA must be notified immediately. Contracts will require PI review of the final expenditure report. If specific details are required that the PI may have to supply, this information is to be submitted to the ORA, not the sponsor. Programmatic Reports Typically, the PI must submit yearly progress reports (more often for contracts). These are usually due at least two months prior to the start of the non-competing renewal year. Non-compliance may result in a delay in the receipt of funds. In extreme cases, agencies may initiate suspension and/or debarment procedures against a grantee institution who fails to meet obligations.

Office of Research Administration Grants Administration Policies and Procedures

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