Managing spending of research grant funding has been a perennial challenge for PIs, research administrators (RAs), and institutions. With information locked away in hard-to-use general ledger, payroll, or purchasing systems, PIs have to rely on monthly reports generated by post-award RAs for tracking whether the ways they are spending money are allowable and allocatable within the project budget. To figure out mid-month if they can make an unexpected purchase without going over, PIs have to ask RAs to pull a new report and then wait for them to send it. Figuring out the long-term impact of hiring additional researchers is also difficult.
With financial management processes being so slow and laborious, unintentional misspending and overspending happens with more regularity than any institution would care to acknowledge. Post-Award RAs commonly get so overloaded that they simply can’t turn around requested information in the timeframe needed to be helpful. Knowing they’ll face a slow response time, many PIs give up on asking for information.
The consequences include time-consuming and distracting audits, which set Post Award RAs back even further in helping other PIs stay on top of spending. Audits can result in loss of funding and being barred from receiving awards from certain sources for a period of years.
On-Demand: Watch Anytime
In this 30-minute webinar, you will learn key strategies for making your post-award financials audit-proof and considerations to take into account to find a solution that meets your needs:
- How to leverage cloud-based eRA financial systems
- How to make a compelling business case for a new solution
- What questions to ask when evaluating new solutions
Stef has worked in higher education since 2010. She has been in the research world for six years, the most recent four as a Research Administrator at California State University, Northridge.