Audit Requirements
Sponsored agreements funded with public money (federal, state, and local government awards; subcontracts under government prime grants and contracts) are subject to full review of all project activity (program and financial) by auditors. All project activities must comply with sponsor terms and conditions and with all applicable regulations.
Sponsor requirements are summarized in the Project Digest. If requirements are complex or detailed, sponsored program officers may also provide a copy of the award agreement or the agency's regulations. Many federal agencies and some other agencies also provide their grants administration guidelines on their web pages.
The Research Foundation's Accounting, Procurement, and other administrative staff are familiar with sponsor requirements and they review transactions according to these guidelines. The Research Foundation is responsible for approving requests for items such as "after-the-fact" cost transfers and late appointments. Research Foundation staff will request documentation from the principal investigator justifying such transactions to cover any audit questions that may arise.
Research Foundation review notwithstanding, primary responsibility for adherence to sponsored agreement requirements rests with the principal investigator and his or her department. The principal investigator is required to certify employee time and effort, and it is his/her responsibility to ensure that the time was spent, as certified, on the specified project. In addition, the principal investigator is responsible for determining that project purchases and travel are in accordance with the budget and necessary for project performance.
To assist investigators with project management, the Research Foundation provides up-to-date project financial information through the PI Portal. This secure web site provides information about project balance, personnel appointments and commitments, non-personnel commitments, and expenditures. Month-end financial statements, which provide some additional information, are also accessible from the PI Portal. Investigators are strongly encouraged to review the fiscal information about their projects on a regular basis and to inform Research Foundation personnel (using the PI Portal e-mail feature, if appropriate) as quickly as possible if problems are detected.
Since all sponsored projects are subject to audit after they are completed, investigators are required to maintain project records (technical reports, fiscal reports, project data, etc.), for at least three years after the end date, or longer if so specified in the "records retention" section of the project agreement.
