Finance

Financial Management

PI responsibilities and guidance on grant management

The Principal Investigator [PI] has overall responsibility for the scientific and financial management of their research project. This includes compliance with the funder’s Terms and Conditions, UOE Financial Regulations, adherence to reporting requirements and the timely communication of significant project changes.

Expenditure should be charged directly to the project for which the purchase is intended, must be in line with the awarded budget, must be in accordance with the funder’s Terms and Conditions and be incurred during the lifetime of the project. Any deviation from the original budget awarded, outside the Terms and Conditions, should be notified to and approved by the funder prior to the commitment of expenditure.

Purchase orders and Expenses can normally only be raised between the funder’s start date and end date and within the funder’s Terms and Conditions.

Purchase invoices associated with purchase orders can be paid until the project’s close date, which is typically three months after the funder’s end date.

Once a project has been activated expenditure on the award can then begin. Areas to be regularly reviewed by PIs and School Administrators

  • Review expenditure charged to each project to ensure any errors are rectified promptly. All costs incurred must relate to the project and be allowable by the funder. If in doubt please refer to the funding bodies Terms and Conditions.

  • Overspending of agreed budgets is the liability of the department and should be addressed immediately and cleared from the project. If budgets are foreseen to be insufficient then the PI must take the necessary steps to either view funds (if permitted) or request in writing supplementary funding from the funder.

  • Virement is the transfer of funds between budget headings (if permitted by the funder). If permitted then written confirmation, by the School, of the virement required needs to be done via Worktribe.

  • Under spent budgets need to be checked to ensure costs are being charged to the correct project and Task.

  • Equipment expenditure must be for items shown in the application / award letter. Equipment should be charged in the early stages of the project and not at the latter stages, unless agreed with the funder.

  • Financial commitments on should be reviewed regularly i.e. outstanding purchase orders, internal orders/bills etc. If they are outstanding for a considerable time they should to be investigated and cleared.

  • Audit Requirements of the funder must be adhered to e.g. timesheets required for staff, review VAT treatment. A funder can commission an audit on a project they are funding at any time.

  • Scientific Reports / Periodic Progress Reports may be required from the PI at various times during the life of the project. It is important that the reporting requirements are complied with as financial sanctions may be incurred if not adhered to.

  • Salary and studentship costs journals can only be approved and processed by the Post Award team. These requests must always quote the name of the person being transferred and the period to which the costs relate.

PIs and Schools Administrators can review financial data of projects by using the following tools:

Details of how to obtain access to the reporting systems are shown on the IT Systems webpage.