Key Procedures for Grant Budget Management
- Pre-award spending authorization request – you are accountable if the grant falls through! Department Head and Dean must sign for approval.
- Banner vs. CatBooks budget review
- CatBooks can be tailored with encumbrances for simple grant expenditure tracking
- Review your Catbooks report every month to identify any errors that might have occurred
- Use of subaccounts or Catbooks options to address differences between MSU Chart of Accounts [shown in the inception to date (ITD) report] and sponsor funding category requirements.
- Hint: ITD shows information for the life of the grant and Catbooks shows information for the current fiscal year (usually different from grant year).
- PI access to Banner ITD (Inception to Date) reports. Ask E. Bird for help getting set up, or see instructions here.
- More detailed expense tracking spreadsheet can assist with budget modifications - ask E. Bird
- Sponsor financial reporting requirements, terms and conditions
- Allowed budget deviations, no-cost extensions
- Communication between PI, department & OSP
- Cost share/matching requirements – use forms/templates for both cash and in-kind contributions; this documentation is needed for audits. PI is responsible for tracking fulfillment of match requirement.
- Fiscal responsibility
- Spending through Pcard process – save, mark with index and submit your receipts via Chrome-River! (Hint: ask your departmental Business Operations Manager for help using this system.) P-card may be used at Costco, campus food services, or Bookstore. No other campus venues (like UIT).
- Spending through invoice processing
- Avoid expense corrections between spending Indexes
- Subawards and contracted services agreements, Subawards with other organizations and institutions are generally set when prposal is submitted. Contracts for short-term or individual service providers are set up after funding is received.
- Info requests from Montana Hall – be prepared and gracious
Note! When it comes to submitting a hospitality form, a travel authorization or expense voucher, a P-card or other receipt, an invoice, or a cash deposit, you should provide those to your department’s Business Operations Manager . If you don’t have your own p-card, you will work with your business operations manager.