You have a budget number . . . Now what?

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You have a budget number . . . Now what?
Judy Hefren Sponsored Research Accounting
Services May 1, 2008
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Charging Costs to Projects

• All costs on a project are initiated by the PI or
  the designated individual in their department
• Review Process
• Appointments will all be reviewed and processed
  by SRAS staff
• All expenditures are subject to review, but all
  expenditures over 1000 will be reviewed.
• All Cost transfers will be reviewed
• Advance Policy
• Cost Transfer Policy

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SRAS Transaction Review

• Compliance Issues
• Reasonable
• Allocable
• Consistent treatment of costs
• Conform to limitations or exclusions
• Equipment purchases late in the project
• Cost Accounting Standards Exception Approved by
  Sponsored Research Services

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Whose Award is it Anyways?

• The PI is responsible for managing all aspects of
  the project
• Having said that, the Award is made to Florida
  State University and not the PI.

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PI Responsibility

• The PI is ultimately responsible for managing the
  project, including financial management.
• There is a lot of data and several reports
  available from OMNI training available
• Managing the budget is the PIs responsibility
  and they need to understand what is and what is
  not in OMNI
• Tuition, Rent, IDC
• If SRS is unable to negotiate out invoicing terms
  that SRAS can not commit to meeting, the
  Department will be required to provide assistance
  in the invoicing process (i.e., Supporting
  Documentation)

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So you think youre done . . .

• For cost-reimbursable-type projects, all final
  financial reports must be reviewed and approved
  in writing by the PI.
• Remember, the PI is responsible for financial
  management.
• Therefore the PI needs to confirm that all
  appropriate costs have been charged and all costs
  that have been charged are appropriate.
• For fixed-price-type projects, the PI needs to
  provide evidence of the submission of
  deliverables in order for SRAS to bill.

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Lets work together . . . .

• SRASs goal is to help you effectively manage
  your project.
• SRAS ultimate mission is to protect the
  university from potential adverse audit findings
  related to non-compliance.
• Working together will enable us to be successful
  in achieving your goals as a researcher while
  protecting FSU against adverse audit findings.

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• Questions?