Grant Accounting (Ledger 5)
Generally, the Office of Research accepts grants and contract awards on behalf of the University. The office of General Accounting primarily deals with monitoring, reviewing, accounting, reporting and compliance of post-award activity.
Departments must follow the guidelines associated with the grant or contract when expending funds. Principal Investigators (PI) and Budget Unit Directors are responsible for managing and monitoring each award function or activity supported by the award to ensure all applicable guidelines and regulations are met.
All non-Federal open ended awards are reviewed at year end during the ledger 5 rollover. Responsible departments are notified by the Grant Accountant if there has been no activity within the least two years.
At the close of an award period, the Grant Accountant (or GCA for Old Dominion University Research Foundation (ODURF) managed accounts) will notify the Principal Investigator via e-mail that the award has ended and what reporting is required. They will also be notified of any budget account cash deficits or excess. Most awards have a 60 - 90 day close out period to allow for all expenses to clear the system.
Responsibilities
Principle Investigators Must:
- Maintain high standards
- Achieve grant/contract stated goals and objectives
- Meet agreed upon deadlines
- Stay within budget
- Expend funds as required
- Comply with the granting entity's terms and conditions
- Maintain appropriate records
- Meet financial and programmatic reporting requirements
- Communicate results
The Grant Accountant in General Accounting is responsible for all accounting records including:
The Grant Accountant in General Accounting is responsible for all accounting records including:
- Verifying that the expenditures and/or revenues relate to the specific objectives funded in the grant contract/agreement
- Provides guidance for budget changes
- Maintains effective control over and accountability for all funds, property and other assets
Establishing a Budget Code for Grants & Contracts
New Grants/Contracts must have a budget code established.