1. Coffee with Office of Sponsored Programs January 8, 2008 Topics:Certification of Expenditures Cost Transfers

2. Certification of Expenditures APM-60.02 –Principal Investigator (PI) is responsible for developing, writing and reviewing the funding proposal. –When University accepts an award, the PI is responsible for expenditures on the award and completion of the project. –The PI may delegate some of the duties associated with financial management of the award. Even when delegated, the PI assumes full responsibility for all activity on the award, including cost share and/or program income. –PI should perform monthly review of expenditures and supporting documentation to ensure allowability and timely adjustments to accounts if necessary. APM-60.02.01 –Certification for fiscal year-end and award end Responsibility of PI to review and certify expenditures Fiscal year end copy retained in department’s file Award end copy retained in OSP file

3. Cost Transfers Cost Requirements OMB Circular—21 –Costs must be reasonable, allocable and consistent Business Policy 213 –Any correction of income and/or expense items between ChartFields should be made within two accounting periods (two months) after the end of the accounting period in which the original transaction posted

4. Questions to Answer Before Transferring Cost Why is the cost transfer necessary? –Transferring cost to a sponsored award for the purpose of clearing an over expended project is not allowable. –Cost must directly benefit the project being charged. –Explain how error occurred. Is the transfer permissible (allowable) under the terms of the award, regulations and University policy? –Read the contract, be knowledgeable of OMB-21(J) [allowable cost] and University of Missouri policy

5. Links Accounting Manual umsystem.edu/ums/departments/fa/controller/accountingservices/manual/ Business Policy Manual umsystem.edu/ums/departments/fa/management/business/manual/fullindex.shtml

6. Closing Items ? Questions