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Financial Management

Grants Accounting works closely with faculty and department business office staff to ensure financial compliance and proper accounting of externally sponsored funds. Office responsibilities include: financial reporting, cost transfer reviews, award closeouts, cash management (including Letter of Credit draws, sponsor invoicing, sponsor payments, accounts receivable), cost share compliance, effort reporting, sponsored equipment inventory, audits and reviews.

Purchasing Restrictions/Guidelines

The Principal Investigator (PI) responsible for the project is accountable for all purchases made with grant money and must follow federal, state, and University guidelines, as well as specific guidelines and restrictions set forth by the granting agency. The PI’s and their departments must monitor project budgets against actual expenditures and correct expenditures in excess of total available funds.

The Grants Accounting Office reviews purchases made with grant money for such guidelines/restrictions. Purchases made not in accordance with grant restrictions are reviewed by Grants Accounting and/or the Office of Research and Sponsored Programs (ORSP). If the purchase is not deemed acceptable, it must be charged to an unrestricted acco