Grants Management - Top 10 List
There are many requirements to effectively manage a grant. Grants Accounting has complied a Top 10 list for grants management:
1. Know and understand the award terms and conditions. Communicate restrictions or special terms to the appropriate parties to ensure compliance.
2. Make sure that contracts and timesheets properly reflect the correct account numbers so that payroll is directly charged to the grant in accordance with the award budget and project timelines. Ensure that all payroll costs and requisitions for costs reflect the project plan and actual work to be performed.
3. Monitor expenses at least every other month to ensure expenses are posted to the correct accounts and expenditure types. Only costs allocable and allowable to the project are to be posted to the account.
4. Make any adjustments to costs timely and in accordance with the institutional cost transfer policy (within 60 days). Cost overruns should be resolved as soon as the PI is aware.
5. Within the last 90 days of the award period, review all incurred and planned expenses to determine if project deliverables will be completed on time. If additional time will be necessary, please contact the Office of Research and Sponsored Programs as soon as possible to request a No-Cost Extension.
6. Within the last 30 days of the award, review all expenses and remaining obligations to make sure costs are allowable, allocable, and in compliance with the award terms and conditions. Cancel any remaining encumbrance balances if nothing else is owed on the purchase order.
7. Remember that all costs incurred in the last 30 days of an award period are subject to additional scrutiny by external auditors. Any issues or concerns regarding costs in the last 30 days should be communicated to Grant Accounting.
8. Know the award closeout dates and timelines. Typically, 90 days are allowed for closeout of an award, but some sponsors may have shorter timelines for final billings or deliverables. You can check your award dates using the OBI Grants Funds Available Dashboard.
9. Retain and store supporting documentation in an organized manner to provide upon request.
10. When in doubt, contact Grants Accounting.