Local Research Administrators (LRAs) assist Principal Investigators (PIs) in planning expenditures and monitoring the financial status of ongoing sponsored research projects. Reports reflecting sponsored project activity are available from the University’s financial system (PeopleSoft).
The LRA should reconcile all sponsored projects on a monthly basis to ensure that all transactions are authorized, valid, complete, and accurate. Reconciliation is a process of comparing account transactions recorded in the system to the department’s supporting documentation (e.g. vendor invoices, transfers) and resolving any discrepancies. Monthly reconciliations should include a review of both personnel and non-personnel costs and cover the following:
Allowability, allocability, and reasonableness of consistently treated expenses
Budget vs. actual spending
Awarded effort vs. actual effort
Expenditure of funds in a timely manner
Cost sharing, if any
Appropriate account code usage.
Financial Reporting and Invoicing
Central Post-Award is tasked with preparation and submission of invoices and financial reports to sponsors. Such documents must be submitted in a format and on a schedule agreed to in the award documents. All financial reports on sponsored awards must be signed by an authorized Post-Award representative.
For all annual and final fiscal reports and vouchers requesting payment under a federal award, Post-Award officials authorized to legally bind the University will sign the certification required by CFR 200.415. This is done in order to confirm that award expenditures are proper and in accordance with the award documents and approved project budgets.
Financial reports to the sponsor may be required monthly, quarterly, annually, and at the end of the award, according with the award terms and conditions. Please note:
Final Federal Financial Report SF425 is filed 90 days after project period end date