Home Project Closeout      Financial Management Responsibility Matrix

Financial Management

ROLES & ResponsibilitIES Matrix

Award Administration- Managing Finances
Principal Investigator
Unit/Department
College
OSP
Other Resources
Overall responsibility for financial and programmatic stewardship of award
Primary
Assistance
Review Notice of Award terms and conditions
Primary
Review Project Budget and create Spending and Procurement Plan
Primary
Assistance
Generate requisitions in purchasing systems
Primary
Prepare revised budget
Primary
Assistance
Initiate Re-budgeting request with OSP where Sponsor Authorization is required
Assistance
Primary
Review and submit re-budgeting request to sponsor
Assistance
AssistancePrimary
Monitor project spend rate
Primary
Assistance
Inform OSP of anticipation of 75% spend, if sponsor notification is required
Assistance
Primary
Cost Sharing: Post and Track
Assistance
Primary
Ensure fulfillment of cost share commitments
Primary
Request personnel appointment in HR
Primary
Monitor award expenditures for allowability, allocability and reasonableness throughout Period of Performance
Primary
Assistance
Ensure proper documentation exists and is retained to support appropriateness of expenditures
Primary
Assistance
Identify changes to approved Budget that require sponsor approval and notify OSP
Primary
Assistance
Review deviations in expenditures
Assistance
Primary
Spot audit expenditures
Assistance
Primary
Review accuracy of account codes/cost allocations/suspensions
Primary
Reconcile accounts on a monthly basis
Primary
Cost transfers: Initiate journal entry and provide supporting documentation for approvals
Primary

Cost transfers: Review request and approval
Primary
Provide Justification and any required sponsor forms for request for Carryforward when sponsor approval is required
Assistance
Primary
Request Carryforward from sponsor
Primary
Program Income: Identify and ensure posting to appropriate account
Primary
Program Income: Setup separate account and report to sponsor
Primary
Monitor and reconcile balances to ensure spending within budget and to prevent overexpenditure
Primary
Review and Receive subcontractor invoices
Primary
Assistance
Approve payment of subcontract invoices
Primary
Award Administration- Managing Cash
Principal Investigator
Unit/Department
College
OSPOther Resources
Manage cash (handling of checks, etc.) and deposits of checks
Primary
Process Letter of Credit drawdown for a specific federal funded agency
Primary
Record Letter of Credit draw for a specific federal funded agency
Primary
Monitor and pursue the collections of overdue payments from sponsors
Assistance
Primary
Refund excess cash back to Sponsor and provide proper documentation
Primary
Award Administration- Financial Reporting
Principal Investigator
Unit/Department
College
OSP
Other Resources
Identify reporting requirements and due date and prepare for submission
Assistance
Primary
Provide quarterly, annual, or final financial reports to sponsor
Primary