Financial Management of Sponsored Awards: Confessions From A Department Administrator

Tolise Miles Biomedical Graduate Research Organization Fannie Dela Cruz Center for Clinical & Translational Science (CTSA) Muftiat Fahm Medical Center Finance Office

Tolise Miles University Administrator Department 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 ( )  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, CRA Senior Administrative Director Georgetown 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,CRA Director 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