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Sponsored Award Balance Review
Why are we reviewing this item?
To maintain accurate financial reports for sponsored awards and insure that funds are being used in accordance with policy
What are we looking for?
To ensure accelerated spending is identified and plans are in place to ensure achievement of programmatic objectives, any account deficits are cleared or appropriate carryover process is followed and that awards are closed-out in accordance with sponsor and university policy.
What are the consequences for non-compliance with the task?
Risk for non-compliance with policy, procedure and budget, potential inaccurate financial statements, potential loss of grant funds if issue with transaction isn’t resolved in a timely fashion.
What can I do to minimize the number of transactions I need to review and resolve?
Regular Monthly/quarterly meetings to review a Principal Investigator’s portfolio will help mitigate issues.
What do I do once I find an issue?
Make necessary adjustments in order to comply with policy Speak with principal investigator if necessary If there is a significant issue, escalate to appropriate people (Lead Administrator, Chair, Dean, OSP)
Whom do I contact with questions about this?
What comments would be valuable for you to add into the Checklist?
- Identifying significant and unusual items and their resolution
- If not yet resolved, identify specific steps taken toward resolution
- Identify progress and/or resolution of previously identified items
- Office of Sponsored Projects (OSP)
- Cost Transfer Website
- Effort Reporting & Cost Transfer Policies
- Cost Transfers Involving Sponsored Projects Procedure
Reports and Tools
- Accelerated/Decelerated Spending on Awards - Yale