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Managing Research Funding
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Overexpenditures
Preventing over-expenditures
Principal investigators must be proactive in preventing over-expenditures by:
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Checking monthly financial statements every month.
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Predicting "burn rate": i.e., how fast money is spent compared to how much there is. A two-year, $60K grant will become over-expended if monthly expenditures exceed an average of $2,500. Researchers must plan ahead.
Principal investigators cannot transfer funds from one project to another. Only eligible expenditures can be transferred between projects.
Here's an example:
Dr. X has a grant and a contract, A and B. Grant A is for $60,000 and contract B is for $125,000. Grant A allows salaries, benefits, equipment and postage as eligible expenses. Contract B allows equipment and infrastructure as eligible expenses. Grant A is available now, but contract B is still waiting for all parties to sign the final agreement.
However, Dr. X wants to get started. With Grant A, he buys a $50,000 floor-model centrifuge, pays $1,000 for delivery, and hires two grad students at $2,000 per month, plus benefits.
Carefully scrutinizing his monthly financial statements, he sees that grant A is virtually gone after one month, and he won't have money to pay his grad students next month. "That's okay," he thinks, "I'll just transfer money from contract B."
WRONG. Even if it were possible, it would mean that money from B is covering salaries, which are ineligible.
However, he can transfer his expenses. Both grant A and contract B allow equipment expenditures. He can transfer the purchase of the centrifuge from A to B, leave the postage charge in A, and have enough money to pay his students until the research ends in a year.
Remember: Researchers can move expenses, not funds.
Fixing over-expenditures
If the project is overspent, the researcher must clear any over-expenditures prior to the end date.
If the project is overspent and the speedcode is inactivated, researchers or their administrators can contact the Faculty-assigned RSO Finance team member to have it opened for a correction.
If additional funds are expected, researchers or administrators need to contact their Research Facilitation Office for assistance.
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