A separate account is established for each project. Each account will bear a unique Financial Accounting System (FAS) number assigned by the Office of the Comptroller through the OSRP. This information is sent to the P.I., department chairperson, and other administrative personnel through the summary statement.
The issuance of the account number for the project is a form of credit line against which the P.I. may charge obligations and expenditures. In reality, sponsoring organizations most often do not pay the University until expenditures are incurred and invoices are submitted to the organization by the Comptroller’s Office. Once the account has been established, the P.I. will receive monthly financial statements showing the status of the account. The P.I. is expected to keep internal records of time charged to the project, requests for equipment and supplies, travel and other costs, particularly those budgetary lines which may not be exceeded without special approval. P.I.s should contact the grants accountant if any discrepancies appear on the monthly statement. In addition, P.I.s will be asked to comply with Federal requirements (e.g. OMB A-21) regarding the repeating of level of effort by project personnel and annual equipment inventories.