Policy 2105: Sponsored Awards Financial Responsibility
Subject Area: Sponsored Awards
Responsible Office: Financial Services
Sponsor: Chief Financial Officer
Originally Issued: October 1992
Revised: August 2007, February 2010
Refer Questions To: Christine Sorensen, 773-702-2398
Purpose: To establish responsibility for the financial administration of sponsored projects.
1. Agreements for sponsored projects are made in the name of the University of Chicago.
2. The principal investigator is responsible for the management and administration of the sponsored project within the administrative requirements imposed by the sponsor and in accordance with University policy. In this capacity, the principal investigator, or designee, authorizes all direct cost expenditures of project funds and is responsible for ensuring that complete documentation is provided to support all project related expenditures. (See Financial Policy No. 2101.)
3. Changes to project budgets or expenditures which require institutional or sponsor prior approval must be processed through the Office of Research Administration.
4. Financial Services will provide monthly statements of project expenditures. It is the responsibility of the principal investigator and his/her business administrator to review each monthly statement for accuracy and completeness and to initiate corrections, when appropriate, in a timely manner.
5. The principal investigator and/or department business administrator, in consultation with his/her department chairperson and dean, shall advise Financial Services as to the desired disposition of a deficit or disallowance in a sponsored project account. In the absence of such advice, Financial Services will transfer the over expenditure or disallowance to a guarantee account of the cognizant division or department. (See Financial Policy No. 2108, Overdraft Write-Off.)