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New York University School Of Medicine

New York University School Of Medicine

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New York University School Of Medicine

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  1. New York University School Of Medicine Grant Management Improving Timeliness and Accuracy of Cost Allocations May 2005

  2. Grant Management? • Principal Investigator (PI) has grant “A”, which terminates 9/30, as well as a discretionary account • PI receives a new grant “B”, which begins 7/1 • Research costs continue to be charged to grant “A” despite some of the costs relating to new grant “B” • The laboratory becomes very active, and timely cost allocations are not performed • The PI initiates stop-gap transfers to “B” and the discretionary account, but not enough to avoid a deficit

  3. Grant Management? (Cont’d) • Grant “A” terminates in deficit, now forcing hard look at what can be transferred out • To properly reconcile, grant “A” charges needs to be fully identified and allocated • PI now needs to examine who was charged to each grant, for what period, and the functions they performed • Retro-active transfers processed involving all accounts

  4. Grant Management ? (Cont’d) • Grant “B” is now due to terminate 6/30 and research is soon to be completed • PI goes on vacation • Upon PI’s return, in August, FA is looking for assistance to balance out and report on “B”, due September 30th • PI now wants to transfer costs off of the discretionary account to Grant “B” • The cycle continues

  5. Grant Management Scenarios Ideal Research, Financial & Programmatic Management Timely Reporting Completed A W A R D Research, Less Financial & Programmatic Management Material Adjustments Required Late Reporting Less Than Ideal Compliant Reporting Window Non-Compliant Reporting Budget Year Timeline 90 Days Beyond 90 Days

  6. Utilization of Cost Transfers Untimely P-Card Allocation Insufficient Compliance Knowledge Unexpected Late Charges Lack of Interdepartmental Cooperation Routine Allocations Cost Transfers Slow Response to Issues Late Award and Account Set-Up Temporary Salary Transfer Untimely Grant Review Lapse in Financial Analyst coverage NOTE: Must be timely to be acceptable

  7. Ensuring Timely Cost Allocation • Expedited account set-up and authorization with the Sponsored Programs Office(SPA) • Merged restricted funds accounting with financial analyst(FA) group to promote system redesign • Instituted bi-monthly forecasts, improved coverage among FA’s, online CPP’s, and utilization of grant spending report for billing • Focus group meetings with departmental administrators • Help involve PI’s in grant administration • Assist in getting PI to act proactively • Offer more PI training

  8. Ensuring Timely Cost AllocationPhase II – We Need Your Assistance! • Restrict/Limit use of cost transfers • Federal guidelines state cost transfers MUST be processed within 90 days • Non-compliance could result in • Loss of privileges such as StaplesLink and P-Cards • PI having to cover costs from other funds • Forfeiture of grant balances(referenced in cost transfer)

  9. Projected Spending Report Graph