Part III - UNM Finance: Practical Applications

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Standard Accounting Resource Manual (SARM)

MSC 0000 00
1 University of New Mexico
Albuquerque, NM 87131

Department Responsibilities

The PI is responsible for overall project management and completion of the statement of work.  The PI (or a delegate) is also responsible for initiating and reviewing expenditure documents and reconciling.   An efficient way of gathering and tracking contract and grant documents is necessary.  Contracts and grants spending must be monitored for appropriateness per the award documents, and for accuracy.  Any errors should be corrected monthly.    Original source documents must be retained by the department, these are usually time cards, participant records, and technical reports.   The CGAO is responsible for retaining any documents processed centrally (e.g. travel vouchers, purchase requisitions).

 There is no “one way” to properly organize contract and grant documents.  Some basic methods are:

1)      Have an organizational plan.  Select a way to organize your contracts and grants that works for you.

2)      Keep key documents for each contract or grant readily available as well as other information collected and accumulated for that contract or grant.

3)      Have an assigned person for each contract or grant who is responsible for:

  1. Understanding the contract or grant
  2. Reconciling the contract or grant monthly
  3. Communicating with the principle investigator (PI) regularly about the contract or grant

You may have different people assigned to complete each of these tasks, but each task will be done for each contract or grant within your department.