Post-Award Administration/Grants Accounting
Grants Accounting performs the Post-Award administrative duties for EVMS Sponsored Programs. OSP prepares an Account Release package and forwards it to Grants Accounting to set up the grant account. This package includes:
- Account Release Form
- Contract/Award notice
- EVMS internal budget
- Pharmaceutical budget, if applicable, and
- Proposal Approval Form
EVMS Business Management office also receives a copy of the Account Release Form and indicates on the form which Fund/Department number and Liaison Committee on Medical Education (LCME) code applies to this award.
Grants Accounting prepares a Project Set-up sheet based on their review of information provided in the award documents. The award information is then entered into:
- FASBE (EVMS accounting system)
- Grant Track (database)
- Grant List (Excel spreadsheet listing of all grants)
- Reporting Schedule (list of reports due, i.e. monthly/quarterly/ annual/final)
Grants Accounting sends an Award Memo to the Principal Investigator informing them that an account number has been set up for their project. A grant file is prepared and maintained in the office. This file becomes the “official” grant file of which audit information may be requested.
Financial Review / Invoicing
Grants Accounting performs various financial reviews on each project based on the type of funding and sponsor requirements. They may include:
- Transactions/Expense review to ensure expenses are allocable, allowable and reasonable.
- Quarterly reviews of overall grant status
- Preparation of future projections of expenses to monitor potential for extensions and cost match issues.
- Budget reviews to Principal Investigator for review/information and comment.
Grants Accounting prepares invoices for each project which allows for cost reimbursement of expenses along with any required financial/budget reports. Concurrence and information is requested from Principal Investigators as needed.
Reports are available for review by Principal Investigators and Departmental Administrators. Grants Accounting will provide Principal Investigators with training and access to reports available on the Monarch reporting system.
“As-of” reports are run once a month and filed in the Public-Grants Accounting section of Monarch. Monarch report access is based on PI #. The following are available for PI review:
- GR130D – Detailed transaction report of Direct Costs charged to project. Expenses shown by Category and month.
- GR130S – Summary report showing budget, prior fiscal year expense, current fiscal year expense, encumbrances & budget balance (direct costs only).
- EC130D – Report of encumbrance details.
ERAMS – Time & Effort Certifications
As a recipient of federal funds, EVMS is required to comply with time and effort certification requirements for employees whose compensation is charged to federally funded programs. OMB Circular A-21 requires the certification to ensure that the federal government is paying for an accurate representation of an employee’s effort and that the distribution of expense between sponsored and non-sponsored activities is based on actual effort and not funding available.
Effort is the proportion of time spent on teaching, sponsored projects, clinical and other assignments. It is reported as a reasonable estimate of the percent of total time. Certifications are required for any employee who is paid from a federal grant or contract or cost-shares any portion of their salary to a federal grant of contract.
Effort certifications are required to be completed quarterly. By certifying effort, the principal investigator is certifying, to the federal government, that the effort reported is a reasonable representation of the effort worked on the grant.
Grants Accounting prepares all final financial reports for submission to Sponsors. Input, coordination with and approval of final financial reports will be obtained from the PI. All transactions are reviewed to ensure costs are allowable and allocable in accordance with Federal Regulations and Sponsor policies. Any encumbrances are review and resolved. Final worksheets are forwarded to the PI for review and approval. Grants Accounting submits all financial paperwork to the Sponsor.
Internally, budgets are adjusted to match the final report of expenses. Any necessary Fringe Benefit and Indirect Cost expense and other cost adjustments are made. The status of the project is changed to “Inactive” and the actual paper copy of the grant file is moved into the “Closed Grants” filing cabinet within the Grants Accounting Office.