Policies & Procedures


 

Section: C&G
Part: PRO
Statement No.: 4.2.1
Date: 07/07/08
University of North Carolina - General Administration
Administrative Policies and Procedures Manual
Title: Post-Award Monitoring and Account Reconcilation
 

Before a proposed expenditure is prepared for approval and routing, the departmental bookkeeper or project accountant will review the account budget to determine if funds are available in the appropriate object code.  If not, a budget revision should be prepared and submitted for expenditures in the salary, fringe benefits, contracted services and travel object code ranges.  The expenditure is also reviewed for allowability and reasonableness, including consistency with OMB Circular A-87 and the Office of State Budget Management Budget Manual.   When a principal investigator approves expenditure, he/she is certifying that the expenditure is necessary, reasonable, allowable and related to the project activities.  The approved expenditure is routed to Contract and Grant accounting for another pre-audit review for allowability and reasonableness. 

 

The departmental bookkeeper or project accountant will monitor and reconcile contract and grant accounts on a monthly basis.  Tools including Financeer, FRS, eprints and spreadsheets may be used to complete the monthly reconciliation.

·         All transactions submitted to contract and grant accounting or payroll during the month should be accounted for during the reconciliation process. 

·         Open commitments should be accounted for and noted in working papers.

·         Working papers for the monthly reconciliation should be signed and dated.