Grants and contracts are awarded to the University; two key players in the management of the award on behalf of the University are the Departmental Administrator and the Principal Investigator. Careful guardianship of all aspects of the project are required throughout the life of the award; crucial to this guardianship is budget management and successful close out at term.
The research proposal submits to a funding source a planfor a specific purpose. The proposal includes a budget that reflects the cost of the plan. It is inherent that the proposed budget be followed in order to demonstrate the University’s commitment to completion of the project as funded.
Expenditures on sponsored projects are heavily regulated by the funding source and related federal, state and University policy and procedure. The Research Administrator and Principal Investigator can utilize the pre- and post-award units at their institution to ensure that expenditures and budget management are within award parameters.
Fiscal close-out occurs on a departmental level and includes determining that all expenditures are appropriate, are within the project dates and meet the line-item requirements of the award. Open expenditure obligations and invoices to the funding agency need to be resolved and all cost-share requirements need to be met. The fiscal responsibility of the award is complete when all expenditures are appropriate, have been charged and invoiced, the dollar value of the award is equal to the expenditures, cost share obligation is complete and all revenue has been received from the agency.
Programmatic close-out includes the completion of all technical reports by the Principal Investigator and delivery of those reports to the required agency administrator. The University post-award unit will assist the PI in completing other final reports such as invention and property inventory reports.
Careful management of the sponsored project at every step of execution and by all areas of the University lead to successful completion of the research topic and utilization of the funds for the scientific inquiry funded by the awarding agency.