Everyone is aware that overspending on grants and the resulting budget deficits is a problem that must be dealt with. But focusing on deficits alone does not give a complete picture of the financial health of grant awards. For large institutions with hundreds or thousands of grant budgets to deal with, how is it possible to identify spending that may be going off the rails?
In this session we will discuss a model for the Central monitoring of grant balances. This method identifies key elements of an award and how to monitor those elements monthly to highlight when things may be going wrong. It can be used at the Institutional, School or Departmental level. Potential problems are flagged for follow up with grant managers, who can take action to resolve them. Regular communication between schools and departments has resulted in significant improvement of the overall management of grant funds.
This session is intended for all post-award financial administrators.
Speaker(s): Angela Behrend, CRA, University of Virginia