Fiscal Management of Awards
There are 4 cornerstones to proper fiscal stewardship of sponsored project awards. Questions are listed next to each rather than definitions. If someone walked up to you (or a newspaper reporter) and asked these questions, could you answer them to defend placing the cost on the award. If so, then it’s a good cost!
Allocable – Is it a charge you can directly tie to the project? If so, can you explain the benefit to the grant?
Allowable – Do the sponsor, the feds (A-21) and University allow the cost on the project?
Reasonable – Would the prudent person agree with your justification?
Consistent – Is the cost treated the same throughout? If you can’t buy a pen on one grant, it shouldn’t show up on another one.
If you have questions about a cost, please call 2-3398 or e-mail Cindy at email@example.com.
Each month, our staff will match the appropriate receipts (procard, e-procurement, e-travel, etc) with the transactions from your budget. This helps us review your costs for the above 4 spending guidelines. We will contact you should we have any questions.
Leena Buddhadasa firstname.lastname@example.org is our Budget/Fiscal Analyst Lead. She will produce reports each month that forecast salary and provide other analysis to keep your budgets on track. This will help you determine if your budget is proceeding with the work. This will also provide warnings as your budget gets close to zero.
The UW Seattle Financial Management offers excellent resources.
Subjects and services include:
Monitoring compliance with federal, state, and UW polices, as well as other sponsor's terms and conditions. Preparing complex data analytics.
Performing reconciliations and interpretations of award requirements.
Providing post award fiscal compliance training to the University.
Working with departments to examine and enhance internal controls.
Consulting with Departments.