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Policy: Standards for Executing Project Accounting Responsibilities
Purpose: To communicate to Principal Investigators, Department Coordinators and the
IIT community Project Accounting's standards for customer service and support.
Process: Project Accounting shall exhibit a commitment to customer service.
A 24 hour response time shall be in place, to provide a status updates or an
anticipated time of resolution.
Project Accounting responsibilities shall also include:
- Maintaining a 48-hour response time for the establishment of all new
accounts.
- Maintaining a five business day response time for the set up of an award
document into the University's general ledger.
- Maintaining a 72-hour response time for the processing of all purchase
requisitions, purchase orders, and cash disbursement vouchers in
compliance with Federal, State, Municipal, Corporate and Foundation
grant administration rules, regulations and laws.
- Maintaining a 24-hour response time for the processing of all payroll
authorizations, income tuition vouchers, and payroll allocations.
- Comply with all Federal, State, Municipal, Corporate and Foundation
grant invoicing requirements and deadlines.
- Comply with all Federal, State, Municipal, Corporate and Foundation
grant cash receipt processing requirements and deadlines, including
Federal letter of credit reporting.
- Comply with all Federal, State, Municipal, Corporate and Foundation
grant specific purpose financial reporting requirements and deadlines,
including both specific purpose financial statements and property reports.
- Comply with all Federal, State, Municipal, Corporate and Foundation
grant close out document reporting requirements and deadlines.
- Comply with all Federal, State, Municipal, Corporate and Foundation
legal requirements relating to responding to audits by both public
accounting firms and regulatory agencies.
- Create, distribute and monitor Federally mandated effort reporting in
compliance with guidelines and regulations.
- Administer project close out within Federal, State, Municipal, Corporate
and Foundation compliance guidelines.
Project close out:
Minimum of Sixty (60) days prior to the grant end date:
- Project Accounting shall meet with Principal Investigator to discuss the
status of the award. Review all expenditures: salaries, fringe benefit
reconciliation, and indirect cost reconciliation. If there are budgetary
restrictions, check variances from budget to actual expenditures for non-
compliance. Project ending balance.
- Request necessary budget revisions, no-cost extensions or continuations
from the Sponsor through Sponsored Research. Coordinate requests with
Sponsored Research, with a copy to Project Accounting.
- Coordinate with Principal Investigator the receipt of any subcontract
closeout documents. Notify any subcontractors of the deadline to submit
final invoices.
Minimum of Thirty (30) days prior to Termination of Award:
- Request of the Principal Investigator the preparation of all necessary
payroll authorizations, to transfer expense to another funding source, or
for them to terminate personnel on award effective the last day of the
award.
- Request of the Principal Investigator to follow-up on all outstanding
purchase orders cancel all invalid outstanding purchase commitments.
- Review all cost-sharing/matching detail delineated in the proposal which
Project Accounting is required to report to the agency.
- Follow-up with the Department Chair to ensure all effort reports issued to
date on the award have been completed and submitted to Project
Accounting.
Ninety (90) days after termination of the award:
- Prepare and submit to the Principal Investigator the final financial report,
and/or close out package. Upon Principal Investigator review, submit to
Sponsor.
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