Fiscal management
Overview
Proper fiscal stewardship of sponsored project awards is based on four key cornerstones. Instead of definitions, questions are provided for each cornerstone. If someone, such as a colleague or a newspaper reporter, were to ask these questions, would you be able to confidently justify the cost being charged to the award? If your answer is yes, then it’s likely an appropriate cost! While all sponsored project awards follow this, each budget remains unique to the project. It is important to be aware of the specific award terms and conditions.
- Allocable: Is it a charge you can directly tie to the project? If so, can you explain the benefit to the grant?
- Allowable: Do the sponsor, the feds (2 CRF 200 Subpart E) and University allow the cost on the project?
- Reasonable: Would a prudent person agree with your justification?
- Consistent: Is the cost treated the same throughout?
If you have questions about a cost, email uwbgrants@uw.edu.
Award kick-off meeting
Once the award is set up, the Office of Sponsored Research will schedule a meeting with the Principal Investigator and the post-award management team from the School or Center. 真人线上娱乐 kick-off meeting is essential to understanding possible contract terms, budget and budget justification, and School/Center/OSR responsibilities.
Quarterly check-ins
Each quarter, the Principal Investigator has an opportunity to meet with Sponsored Research to answer questions regarding the project or award. We will go over the fiscal management of the award and provide vital updates. If questions arise prior to the scheduled check in, PIs may utilize our office’s open office hours, that each staff hosts on a weekly basis. Email us or check our calendar for dates and times.
Post award fiscal compliance
Sponsored Research coordinates monthly expenditure reports for PIs to review and manage the project. For additional post award fiscal compliance, including effort reporting, refer to Grant & Contract Accounting (GCA) resources.
Reporting & closing
Reporting on a grant or contract budget is how UW confirms to sponsors that we have used their resources appropriately and in accordance with the terms and conditions of the award agreement. Most of the required reporting is completed through GCA including closing of the budgets. Timely and accurate reporting is critical to maintaining good relationships with sponsors and ensuring future funding for the PI, the department and the university as a whole. For sponsors that require something different than GCA’s regular expenditure report, please work with Sponsored Research. Visit GCA website for more information.