Upon receipt of an award for a grant, contract, or cooperative agreement, the OSP Post-Award formally requests that Accounting & Financial Services establish a separate Banner fund number for the project. Expenditures incurred in the performance of the project are charged to this fund number. As part of this process, OSP requests to establish corresponding Cost Share and/or Program Income Funds when required by the agreement. Once the funds are set up, a kick-off meeting is scheduled with OSP, the Principal Investigator (PI), and the PI’s department administrative staff.
Review of Direct Cost Expense to Awards
For expenditures to be allowable, costs recorded onto a sponsored fund, they must be:
- Consistently treated
- Allowable per sponsored award or 2 CFR Part 200
The Principal Investigator is responsible for complying with all Federal, State, University, and awarding agency rules and regulations.
Invoicing and Financial Reporting to Sponsor
OSP Post-Award is responsible for the timely invoicing and financial reporting to sponsoring agencies. Included in this task is the performance of Federal drawdowns. Invoicing and reporting will be conducted per the terms and conditions defined within the award document.
Receipt of Payments
OSP Post-Award is responsible for the collection of sponsored funds. All check payments should be directed to the attention of the Post-Award accountant. Upon receipt, the check is sent to Advancement to be booked to the appropriate project fund. For electronic payments, such as wire transfers and Federal drawdowns, Accounting & Financial Services notifies OSP upon receipt. OSP then provides Accounting & Financial Services with the information to book the payment to the appropriate project fund.
Some sponsors may require detailed, supporting documentation of expenditures reported on invoices and financial reports. While OSP Post-Award will reconcile and forward to the sponsor, it is the responsibility of the Principal Investigator and his/her department to provide the documents. Failure to provide the information may impact the University's ability to get reimbursement.
Modification requests for an existing award, such as a Budget Revision, No-Cost Extension, or Change in PI or Scope of Work, should be facilitated through OSP Pre-Award.
In addition to the Review of Direct Cost Expenditures to Awards noted above, OSP Post-Award assists in external audits. We assist in the annual single audit required by 2 CFR Part 200, Subpart F and all program audits performed by specific sponsoring agencies.