Projecting and Resolving Over-Expenditures on Sponsored Accounts and Interest on Deficit Sponsored Accounts
Principal Investigators are responsible for managing expenditures on their grants and for working with administrators to project sponsored accounts and ensure that over-expenditures do not occur. If deficits are projected the PI must discuss them with the head administrator of his or her department. If a research portfolio has a projected deficit that cannot be resolved within sixty days the PI must submit a written plan for deficit reduction. If a remediation plan will not remove a deficit, FAS Finance, the Divisional Dean, and FAS Research Administration Services must be alerted immediately. Overspent funds are an audit risk because they suggest a problem with our accounting practices. Transferring costs to other accounts causes a great deal of extra work for administrators and researchers alike, especially when personnel charges are not corrected in a timely manner. Finally, over-expenditures have serious financial implications for the FAS because non-sponsored funds must usually cover sponsored project deficits.
FASSPAR is a useful tool for projecting grant deficits.