University of Connecticut University of UC Title Fallback Connecticut

Expenditures

It is the responsibility of the PI to charge expenditures to his/her sponsored program in strict accordance with the budget specified in the agreement. PIs should avoid incurring overdrafts on projects. The PI or designee should review each account’s financial status monthly. Detailed and summary financial project reports are distributed to PI’s monthly. Financial information can also be reviewed online daily through the University’s Kuali Financial Financial System (KFS). Accounts should be reviewed carefully for incorrect salary distribution, incorrect charges, and other errors.

Accounting statements can also be used as a management tool to determine the award balance available for expenditures, the spending level of each cost category (e.g., salary, travel, equipment), the status of open encumbrances, and any cost sharing commitments that must be fulfilled. Discrepancies should be followed up and resolved immediately. Any questions regarding an account statement should be directed to the project’s Grant Manager in SPS. The Grant Manager is there to help PIs manage their projects, and can provide a wealth of valuable assistance in this regard.