Successful award management is contingent on the ability of the principal investigator/project director to carry out the project and the ability of PSU to provide proper stewardship of the funds awarded. Individuals with technical responsibilities on an award as well as administrative staff must be aware of both PSU and the funding agency's policies and procedures related to award management.
Award Terms and Conditions: Award Documents generally will adopt, by reference, standard provisions associated with programmatic and administrative regulations that apply to the award as well as other sources of legal authority that a recipient must follow as a condition of receipt of federal funds. These standard provisions mirror the assurances that were provided by an applicant during the pre-award stage and often restate those responsibilities. By accepting an award, PSU agrees to abide by these provisions.
Spending Grant and Contract Funds: Expenditures on a project must be made in accordance with university policy and the terms of the award. There are multiple mechanisms that can be used to spend award funds, depending upon what is being paid for or purchased
Budget Monitoring: Principal Investigators/Project Directors must closely monitor their entire research portfolio to assure that the terms and conditions of each sponsored award are being followed and that funds are being expended in accordance with Oregon University System (OUS) and PSU policies.
Project Changes: Deviations from the project plan and budget are common in the administration of sponsored projects. Some can be made at the discretion of the Principal Investigator/Project Director, other require prior approval from the sponsor before making certain changes during the award period.
Project Reporting: Reports are used by sponsors to monitor the recipient's financial and program performance and meet regulatory and/or statutory requirements. Common reports include financial reports and programmatic/performance reports.