Financial Responsibility

The Principal Investigator is responsible for all management and administration of the sponsored project outlined by the Sponsor and the OSRAA. The PI authorizes direct cost expenditures and is responsible for the review of all other project related expenditures and cost transfers. Any changes that require the sponsor’s prior approval must first be submitted to OSRAA for institutional review and approval.

The Business Centers assist PIs by providing routine statements of project expenditures to the responsible principal investigator. It is the responsibility of the PI to review each statement for accuracy and completeness.

Cost transfers, if required, should be submitted within 90 days of the original expenditures.  Those cost transfers that occur more than 90 days from the original date it was incurred require additional justification.  Once a transfer is made, the new source of funding is considered correct.  Further transfers of that same cost are not allowable.

 

Financial Reports

To ensure compliance with federal regulations and other sponsors’ policies regarding the timely submission of financial reports of expenditures, please observe the following:

OSRAA is responsible for the preparation and submission of interim and final financial reports required under sponsored project awards. 

The Financial Information System (FIS) represents the official record supporting all required financial statements. OSRAA is responsible for ensuring that reported expenditures are authorized and allowable under terms and conditions of awards and are in accordance with OSU and sponsor policy and OMB Circular 2 CFR Part 200.

OSRAA has the authority to request documentation in support of any questioned charge, as well as the authority to exclude from any financial billing or reporting all costs deemed questionable and/or unsupported.

 

Closeout

Once active work on the project is completed, closeout procedures begin. During the closeout period all documents are finalized and sent to the sponsor.

PI Responsibilities

OSRAA Responsibilities

Review and process all expenditures applicable to award

Review all expenditures posted to award to determine OMB Circular 2 CFR Part 200 and award terms and conditions compliance.

Record all cost share and ensure that all outside entity cost share obligations have been met

Review all expenditures posted as cost share to determine compliance under OMB Circular 2 CFR Part 200 and award terms and conditions

Complete all project deliverables and scope of work

Review and approve processing of remaining subawardee invoices, ensuring compliance with OMB Circular 2 CFR Part 200 and award terms and conditions

Ensure that all subawardees have completed deliverables and scope of work

Record all cost share and verify that all outside entity cost share obligations have been met

Process remaining subawardee invoices

 

Ensure that all required technical reports to the agency (technical report, patent and/or invention statement, equipment inventory) have been submitted.

Prepare and submit all required technical reports to the agency (technical report, patent and/or invention statement, equipment inventory).

 

 

Removing Overdrafts (Cost Overruns)

OSRAA staff will inform the principal investigator and Business Center that an award is in deficit after a determination is made that the award will receive no additional future funding.

OSRAA and Business Center staff will assist the PI in the removal of over expenditures to an unrestricted fund.  Ample time will be given for cost transfer documentation to be prepared and approved. If the charges are not removed within a reasonable time period, OSRAA will move the charges to an unrestricted fund.

 

Records Retention

Documents and records relating to proposals and sponsored projects must be retained according to sponsor and OSU guidelines. During the course of proposal development and the life of a sponsored project, a variety of documents are generated including formal proposals, email communications, invoices, purchase orders, financial and technical reports and lab note books. Due to the variety and range of records generated during the sponsored award life cycle, records retention at the OSU is a shared responsibility across Principal Investigators and other support staff, Business Centers and OSRAA. In addition, the formal role of University Archivist is administered within the OSU Libraries organization.