Grant Monitoring Reports

Expenditures on a sponsored award requires regular monitoring to make sure they are allowable, allocable, and reasonably charged to the project. In some cases, cost sharing/matching may be required of some sponsors.  Therefore, funding will need to be monitored by the Principal Investigator and their departmental support to make sure that obligations are being met and that they are acting as good financial stewards of the research award.

The following financial reports are distributed to Principal Investigators on a monthly basis to provide monitoring support:

1. Monthly Grant Payroll Reports
2. Budget and Expense Reports

Review of these reports on a monthly, or at least quarterly, basis helps identify:

1. Potential large balances due to unallocated expenses
2. Budget revisions particularly if they will need sponsor approval
3. The need for a no cost extensions to submit before the grant expires to avoid payroll delays
4. Potential accelerated spending that can lead to deficits
5. Grants that are in deficit that need to be reconciled
6. Grants that are ending in the next 90 to 30 days which need to start preparing for closeout including purchase order closures, subcontract invoicing finalization, expense and labor reallocations to new funding sources, or employee terminations.

In addition, the Principal Investigator and departmental support can access the specific award in Banner for expense details. For training and information on how to access, please visit Finance Website-Banner Finance Resources.

Policy: Budget and Expenditure Monitoring for Sponsored Research Programs