Before launching into your research, it’s essential to establish reliable procedures for maintaining an accurate budget and for tracking expenses from the very first dollar that is spent. Once you receive a notice of grant award that your research will be funded, certain formal steps in the account activation process must occur before the funds can be released. Throughout this process, it’s essential to maintain regular communication with your department’s research administrator, whose role is to guide you through these steps.
Here are some important tips to keep in mind at this stage.
- University policy holds the principal investigator ultimately responsible for all budget matters related to a research grant regardless of who tracks the day-to-day expenses. Therefore, the PI should closely monitor department expense reports and lab purchases related to the research project.
- Not only will the funding agency hold the PI accountable for the use of its money, but the project may be subject to periodic audits throughout the funding period.
- The better your financial records are established at the outset, the easier it will be later to file required reports and to provide requested documentation. Incomplete or sloppy record-keeping could jeopardize your qualification for future funding because a poorly tracked grant is likely to yield poor reviews.
- It’s a good idea to dedicate part of each lab meeting to administrative matters like where certain expenses should be directed, what expenses are appropriate to each grant, and when the pool of funds for a particular grant is drying up.
Need Help?
CTSI is ready and available to assist you. Simply complete a service request form or contact a research facilitator: ctsi@pitt.edu, 412-383-1171, or 412-383-1036.
