Departmental Responsibilities

Responsible Office:    Project Accounting Date Issued:    12/06/02 Date Revised:      Contact:    project.accounting@iit.edu Policy: Project Accounting Departmental Responsibilities Purpose: To communicate to Principal Investigators, Department Coordinators and the IIT community Project Accounting's responsibilities. Process: Project Accounting responsibilities shall include: Assist Investigators and Staff Sponsor Invoicing New Account Creation New Account Notification Effort Reporting Financial Reporting to Sponsors Grant Audit Coordination and Assistance Regulation Compliance Verification Accounting System Maintenance Budget Input Table Maintenance Recording Invoices Monitor Cash Receipts Monitor Accounts Receivable and Advances Execute Draw downs of Cash From Federal Letters of Credit Negotiate Indirect Cost Rate Assist Investigators and Staff Payroll Authorization Processing Account Close Out