Financial Management of Sponsored Awards:

Confessions From A Department Administrator

Tolise MilesBiomedical Graduate Research

Organization

Fannie Dela CruzCenter for Clinical & Translational

Science (CTSA)

Muftiat FahmMedical Center Finance Office

Tolise MilesUniversity AdministratorDepartment of Medicine

Examine Financial Processes

Post Award Administration Award Setup Expenditures Subcontracts Cost Transfers Account

Monitoring

Notice of Award Review Documentation Salary, Supplies, Equipment, Other Costs

& Travel Subcontract

Appropriate Funds Budget Revision Process Salary Cost Allocation

Award Setup

Monitor invoicing PI must approve invoices Expenses must adhere to

negotiated contract Communicate concerns to Central Administration

Subcontracts

Cost Transfers Within the period of performance of the award Must adhere to A-21 guidelines

Allowable Reasonable Allocable Treated Consistently (CAS 501 and 502)

Allocated to the proper account Solid justification for costs sharing between sponsored accounts High risk transfers

Older than 90 days Last month of the award After the award ended Transfers from an overdraft account

Faculty/Staff notification (email) Forms

Travel Authorization Travel Expense Sponsored Award Computer Request

Databases Sponsored Accounts Computer Database

Communication Shared Drive (electronic documents) Meetings

Account Monitoring

Fannie Dela Cruz, CRASenior Administrative DirectorGeorgetown Howard Universities center for clinical & Translational Science(GHUCCTS)

Account Reconciliation

GHUCCTS member institution and their relationship to the component

of the CTSA

Reconciliation Perform monthly reconciliation Detailed copies of financial report Complete reconciliation logs

Review transaction details Review actuals to budget Investigate and resolve variances Review transfers Review commitments Review cost transfers Review allowability of expenses

Discuss expense and acquire signature of Principal Investigator

Sponsored Accounting Worksheet

Summary page Department adjustments Unliquidated obligations

Final subcontract invoices Open purchase orders Consolidated billing charges

Cost share information Sponsored accounting adjustment Fringe review Indirect cost review

Sponsored project worksheet - Summary

Muftiat Fahm, CPA,CISA,CRADirector of Decision Support,Financial Analysis & Planning

Financial Analysis

Data Recording Policies and Procedures Personnel Technology Support

Data Reporting Home-grown e.g. Excel Packaged Software e.g. Cognos Enterprise Resource Planning (ERP)

System e.g. Peoplesoft, Lawson and Workday

Financial Analysis

REPORTS Internal Reports

Center Status Report Proposals Report Awards Report Sub-recipients Report

External Reports Effort Report Financial Report Compliance Report

Financial Analysis(Cont.)

Financial modeling plays a key role in strategic planning process of organizations. It is heavily reliant on the use of Business Intelligence (BI) Tools.

Forecast Dashboards Analysis

Financial Modeling