Foundation Financial Services provides post-award administration and support services for sponsored programs (grants and contracts) awarded to the University when the Foundation is the award recipient. In most instances, contracts and proposals for sponsored programs are developed by individual faculty members in conjunction with the Office of Research and Sponsored Programs (ORSP). Those sponsored programs awarded in the name of the Foundation are then administered by Foundation Financial Services staff in accordance with the terms and conditions outlined in the award and Foundation policies and procedures.
In addition to the direct costs of the sponsored program, most awards also include indirect costs (or overhead), which is used for supporting post award administration expenses incurred by the University and the Foundation.
Foundation Financial Services provides and/or coordinates with the PI/Project Director the following services:
- Acts as liaison between PIs/Project Directors and the contracting agencies
- Assists with the budget, contract interpretations, and follow-up in resolving discrepancies
- Provides fiscal/accounting services and various monthly financial reports to PI/Project Director
- Facilitates personnel and payroll functions
- Prepares purchase orders
- Prepares and distributes checks for grant, contract and trust accounts payments
- Monitors account expenditures for allowability, allocability, and reasonableness