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Prepaid cards allow business to be conducted more efficiently and effectively in specific situations. It is necessary to determine the acceptable circumstances to use this process and the methods by which they must be managed.
This procedure details the steps to request and reconcile prepaid cards related to a sponsored project.
Residual balances on a sponsored project may be transferred to an unrestricted department residual fund account to be used to further University academic, research, and service missions.
Accepting a fixed price agreement involves a degree of risk because the University must complete all work even if the costs exceed the amount of the agreement. In addition to mitigating the risks associated with accepting fixed price agreements, the University must also ensure that relevant costs are assigned to the appropriate project and that the necessary processes are in place to assure consistency in estimating, accumulating, and reporting costs.
This operating standard encourages reconciliation of sponsored project accounts in a timely, accurate fashion and places responsibility for irreconcilable accounts with the departments.
This operating standard presents various types of final reports requested at the end of a project period to close out a sponsored project, with emphasis on collaboration amongst central offices, Office of Sponsored Research (OSR), and the Principal Investigator (PI) in providing and reconciling all pertinent information.
The University must adhere to Federal, State, and University guidelines regarding financial oversight of sponsored projects to receive funding. The purpose of this Operating Standard is to ensure that effort statements completed in connection with University sponsored projects are accurate, reasonably reflect the actual level of effort expended on a sponsored project, and comply with sponsor requirements.
An awareness of the co-dependent relationship between departments and the Office of Sponsored Research (OSR) underscores the significant impact each has in producing accurate, timely reports to sponsors and helps maximize expenditures efficiently. This operating standard provides common protocols for maintaining sponsored award accounts that uphold the integrity of research at the University.
This operating standard describes general responsibilities for Principal Investigators (PIs) and Department Administrators (DAs) in maintaining essential data for reporting requirements.
Financial reporting is significantly important to assist the University in avoiding non-compliance issues. This operating standard defines the responsibilities of the Office of Sponsored Research (OSR) in partnership with the Principal Investigators (PIs), Departmental Administrators (DAs), and sponsoring agencies, in order to cultivate positive relationships with sponsors for continued support for research at the University.
Timely compliance of reporting requirements sustains the University’s integrity in research, maintains continuity of sponsor support, prevents the threat of debarment to the University research community, and protects the University-Sponsor-Research Team relationship from being compromised.
After the Office of Sponsored Research (OSR) notifies the department of unallowable costs or an overdraft on a sponsored project, the department will be given an opportunity to resolve the issue before expenditures are moved to the administering department’s unrestricted chartfield string.
To receive funding, the University must adhere to Federal, State, and University guidelines regarding financial oversight of sponsored projects.
Careful consideration of reporting variables combined with scrupulous accounting practices is necessary to safeguard the University's integrity and provide maximum recovery of Facilities and Administrative Costs (F&A) for balances remaining at the end of a sponsored project.