project monitoring expenditure review to closeout
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Project Monitoring Expenditure Review to Closeout. Tamara Lucas University of Maryland School of Medicine Departments of Pathology and Medical & Research Technology. Aimee Howell UMBC Office of Contract and Grant Accounting. Monitoring Rate of Expenditures - PowerPoint PPT PresentationTRANSCRIPT
Project MonitoringExpenditure Review to Closeout
Aimee HowellUMBC
Office of Contract and Grant
Accounting
Tamara LucasUniversity of Maryland
School of MedicineDepartments of Pathology and Medical & Research
Technology
Monitoring• Rate of Expenditures– Excessive spending near the end of project– Unexpended funds at the end of project• Request for Carryforward
• Subawards• Cost Sharing• Overspending
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It all begins with the Budget• Remember your cost principles– Reasonable– Allowable– Allocable
• Budget Justification
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Documenting Expenditures• Direct benefit• Source documentation• Receipts with enough detail to support the
charge• Written explanation of HOW the expense
benefitted the project
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Reconciliation• Ask are expenses:– What you expect– In line with budget– Needed to be removed– Within Period of Performance
• How often– Monthly, quarterly?
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Cost Transfers• A cost that is originally placed on an account is
certified for allowability, allocability tests and direct benefit to a project
• A cost transfer invalidates that original certification
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Transfers…What’s the problem?• Inadequate explanation/justification for cost
transfer (e.g., “to correct error”) auditors love this
• Transfers between two Federal projects that clears a deficit off one of the projects
• Salary transfers (think of the implication on effort reporting)
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Budget Revisions• Change in – Scope– Key Personnel– PI effort
• Identify need for – Subawards– Equipment– Re-budgeting
• No Cost Extensions8
Closeout• Reaching the termination date of a project
does not signal the end of institutional responsibilities.– Adjustments to project costs can be made after
termination and audit– Records must be maintained for a minimum of
three years. (State, institutional or contract terms may be longer).• Keeping things longer can be risky
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• Sequestration– Expenditure rate– Timely invoicing
• ARRA funding– September 30, 2013 completion
• Super “OMNI” Circular
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Questions/Comments!
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