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In order to assure timely reporting and proper billing for sponsored projects, all charges and adjustments to sponsored projects must be promptly recorded in the accounting system. Accordingly, project directors, grants monitors and coordinators and department business managers should review each monthly grant and contract Budget Status Report upon receipt. If necessary changes, transfers or adjustments are identified during this review, these should be processed immediately (unless they are already in process but not yet posted to the monthly status report). Auditors may disallow late charges, transfers and adjustments to sponsored accounts. Cost transfers for payroll charges processed against sponsored projects more than 90 days after the occurrence of the costs must be accompanied by an explanation and justification approved by the Vice President for Research for the delayed charge or transfer.
Principal investigators or project directors should devote careful attention to the following areas: