Budget Monitoring
Regular Monitoring of Project Expenses
As part of their financial responsibility, PI’s are expected to review each award in their portfolio on a monthly basis. The review includes:
Confirming the availability of funds to support the completion of the project and avoid overspending
Ensuring that expenditures have been incurred within the appropriate project period and within the approved budget categories, consistent with applicable terms and policies
Confirming that expenditures are allowable, reasonable, and allocable to the project
Confirming compliance with applicable laws, regulations, sponsor requirements and PSU policies
Verifying that corrections have been made in a timely manner
Monthly Sponsored Projects Budget Snapshots
Principal Investigators (PIs) and Co-Investigators (Co-Is) receive budget snapshot reports on approximately the 11th of each month for all of their active sponsored projects. Included in the snapshots is the following information:
Tab 1 - Budget Snapshot: An abbreviated budget summary of project activity to date
Tab 2 - Services and Supplies Costs for Past Month: A listing of non-payroll costs paid last month
Tab 3 - Personnel Summary: A detailed report of personnel costs paid to date
Tab 4 - 6-mo Snapshot: A summary of expenses by budget category for the past six months
NOTE: The snapshots do not represent a complete accounting of project costs.
Not included:
Orders placed that have not yet been processed in PSU's financial system
Payroll commitments, projected F&A costs or other pending and future expenses (the payroll cost commitments included are limited to salaried employee appointments through the current fiscal year or end of current appointment)
The Banner Financial Information System (FIS) and Human Resource Information System (HRIS) contain the official records of the institution and where all expenditures must be recorded.
To obtain access to Banner FIS and HRIS, go to Banweb, navigate to the 'System Access' tab, and complete an 'OAM Access Request'