What is the primary goal of financial management in sponsored programs?
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Ensures funds are used appropriately and in compliance with sponsor requirements.
Who is responsible for financial oversight of a grant?
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The principal investigator (PI) shares responsibility with the grants or finance office.
Why is timely expense reporting important?
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Sponsors often require frequent financial updates for auditing and compliance.
What is cost sharing?
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Cost sharing refers to the portion of project costs not funded by the sponsor.
Which document outlines allowable costs?
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The award agreement and sponsor guidelines define allowable and unallowable costs.
What is a no-cost extension?
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It allows more time to complete the project without additional funding.
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How often are financial reports typically submitted?
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Quarterly or annual reports are common, depending on sponsor requirements.
What is effort reporting?
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Effort reporting verifies how much time project staff spend on sponsored activities.
Which tool is used to track expenses?
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Financial management software helps ensure proper tracking and reporting of project costs.