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Financial Management of Sponsored Awards: Confessions From A Department Administrator

Financial Management of Sponsored Awards: Confessions From A Department Administrator. Tolise Miles Biomedical Graduate Research Organization Fannie Dela Cruz Center for Clinical & Translational Science (CTSA) Muftiat Fahm Medical Center Finance Office. Examine Financial Processes.

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Financial Management of Sponsored Awards: Confessions From A Department Administrator

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  1. Financial Management of Sponsored Awards:Confessions From A Department Administrator

  2. Tolise Miles Biomedical Graduate Research Organization Fannie Dela Cruz Center for Clinical & Translational Science (CTSA) Muftiat Fahm Medical Center Finance Office

  3. Examine Financial Processes Tolise MilesUniversity AdministratorDepartment of Medicine

  4. Post Award Administration • Award Setup • Expenditures • Subcontracts • Cost Transfers • Account Monitoring

  5. Award Setup • Notice of Award • Review Documentation • Salary, Supplies, Equipment, Other Costs & Travel • Subcontract • Appropriate Funds • Budget Revision • Process Salary Cost Allocation

  6. Subcontracts • Monitor invoicing • PI must approve invoices • Expenses must adhere to negotiated contract • Communicate concerns to Central Administration

  7. Cost Transfers • Within the period of performance of the award • Must adhere to A-21 guidelines • Allowable • Reasonable • Allocable • Treated Consistently (CAS 501 and 502) • Allocated to the proper account • Solid justification for costs sharing between sponsored accounts • High risk transfers • Older than 90 days • Last month of the award • After the award ended • Transfers from an overdraft account

  8. Account Monitoring • Faculty/Staff notification (email) • Forms • Travel Authorization • Travel Expense • Sponsored Award Computer Request • Databases • Sponsored Accounts • Computer Database • Communication • Shared Drive (electronic documents) • Meetings

  9. Fannie Dela Cruz, CRASenior Administrative DirectorGeorgetown Howard Universities center for clinical & Translational Science(GHUCCTS) Account Reconciliation

  10. GHUCCTS member institution and their relationship to the component of the CTSA

  11. Reconciliation • Perform monthly reconciliation • Detailed copies of financial report • Complete reconciliation logs • Review transaction details • Review actuals to budget • Investigate and resolve variances • Review transfers • Review commitments • Review cost transfers • Review allowability of expenses • Discuss expense and acquire signature of Principal Investigator

  12. Sponsored Accounting Worksheet • Summary page • Department adjustments • Unliquidated obligations • Final subcontract invoices • Open purchase orders • Consolidated billing charges • Cost share information • Sponsored accounting adjustment • Fringe review • Indirect cost review

  13. Sponsored project worksheet - Summary

  14. MuftiatFahm, CPA,CISA,CRADirector of Decision Support,Financial Analysis & Planning Financial Analysis

  15. Financial Analysis • Data Recording • Policies and Procedures • Personnel • Technology Support • Data Reporting • Home-grown e.g. Excel • Packaged Software e.g. Cognos • Enterprise Resource Planning (ERP) System e.g. Peoplesoft, Lawson and Workday

  16. Financial Analysis(Cont.) REPORTS • Internal Reports • Center Status Report • Proposals Report • Awards Report • Sub-recipients Report • External Reports • Effort Report • Financial Report • Compliance Report

  17. Financial Modeling • Financial modeling plays a key role in strategic planning process of organizations. It is heavily reliant on the use of Business Intelligence (BI) Tools. • Forecast • Dashboards • Analysis

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