Monitoring Expenses - Monitor and Financially manage the project

Introduction to Monitoring and Financially Managing The Project

Perform Work

• Hire project personnel
• Purchase equipment and supplies
• Issue subawards and hire consultants
• Obtain the required space
• Incur expenditures

Monitor and Financially Manage the Project

• Review terms and conditions
• Reconcile ledger monthly
• Process corrections within 90 days for the original ledger date
• Project payroll and expense spending thru the end of the project
• Obtain approvals (if necessary) 

Expanded Authorities

• Background
• Expanded authorities grant certain allowances to some research grants (similar to FDP awards).
• If you are managing an expanded authorities award, refer to the information below for common terms and conditions.
  • Rebudgeting
  • In general, grantees are allowed some latitude to rebudget within and between budget categories. The degree of discretion varies by the type of grant, the grantee, and coverage by a special initiative.
  • Prior approval
  • Some awards may require agency approval of budget and project changes. If so, it must be granted before any change or obligation of funds.
    • Prior approval requirements for NIH/ PHS (National Insitutes of Health/ Public Health Service) awards