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Reviewing and Reconciling Project Accounts

Project accounts should be reviewed monthly by the PI to ensure expenditures are within the grant guidelines.  Detail and summary monthly reports are available by email or online using SUMMIT.  Please contact ORA if you are not receiving email reports and wish to receive them.  ORA is also available to provide training on accessing the reports in PeopleSoft. 
The PI may designate the financial review; however the PI remains responsible for the overall financial management of the projects.

Frequent review and reconciliation will help to:

  • Prevent overspending an account or spending over direct budget limitations.
  • Detect errors and ensure only approved expenditures are charged to an account
  • Monitor spending and progress to ensure that spending levels are appropriate for the level of work completed. 
  • Verify that transfers and corrections are being made
  • Verify that salary distribution reflects effort on projects
  • Monitor encumbrances and other open items

Corrections should be processed as soon as detected.  Corrections occurring more than 90 days after the original expenditure require additional explanations and support and have the additional possibility that the funds in the correct account will not be available to cover the costs.  In that event, the expenditures will have to be transferred to an unrestricted account of the PI.

 

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Move to topic: Cost Transfers

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