When accepting an award the PI is also agreeing to accept financial oversight of the funds received. Even though the PI is not typically responsible for the day-to-day accounting of awarded funds, both personnel and non-personnel expenses should be reviewed by the PI regularly. To help in this regard, monthly reports of grant expenditures, personnel paid, and available balances are downloaded to the VandalWeb accounts for all associated PIs. These reports (FWRITEM and FWRSUMR) may also be run directly from Banner by your grant administrator.
It is understood that occasionally expenses will accidentally be assigned to the wrong budget number. If, during your regular review of expenses, you notice an expense that has been incorrectly charged, please notify your grant administrator immediately so that a cost transfer to the appropriate budget can be made (see APM 45.07). Note that an excessive number of cost transfers, especially cost transfers done long after the original transaction (e.g. over 90 days) are a red flag to external auditors of inadequate financial management. Additional justification must be provided for cost transfers of expenses that posted more than 90 days prior, and a plan to ensure that such expenses are addressed more quickly must be developed.