Thursday, July 3, 2014

What makes Sponsored Programs different from other types of fund sources?

Below are some characteristics of sponsored funds that set them apart from other types of funding sources. These characteristics require continual monitoring of not only the fiscal aspects of the activity but also the technical or programmatic aspects of the activity. There are many people who work closely with the named Principal Investigator (PI) to ensure the success of the current awards and the future of the research enterprise.

  • These are goal oriented, outcome driven activities – expectations are present
  • The agreements are legally binding with a scope of work and related deliverables
    • Tangible
    • Intangible
  • The agreements contain terms and conditions unique to the sponsor/project
  • There is an approved and detailed line item/categorical budget – exceptions can exist
  • The agreements specify a period of performance and/or budget periods – not necessarily coinciding with a fiscal/calendar year
  • The agreements likely involve accountability and reporting – exceptions exist
    • Financial
    • Technical/Programmatic
  • The costs incurred are tied directly to the specific goals/aims and outcomes
  • Revenues are not recognized upon award – invoicing/draw down to collect funds/cash