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About Us
Grant Accounting Office
Room B5 Jessup Hall
The University of Iowa
Iowa City, IA 52242
Hours: 8:00 a.m. - 5:00 p.m. Monday through Friday
Phone: 319/335-3801
Fax: 319/335-0674
The Grant Accounting Office is central administrative department within Finance and Operations that reports to the University Controller. Grant Accounting offers the following post-award services (pre-award services are provided by Sponsored Programs):
Establish account numbers
The Grant Accounting Office (GAO) will notify the Principal Investigator (PI) and the departmental and collegiate offices of the Master File Key (MFK) grant/program number(s) applicable to the sponsored project. The GAO will also enter the appropriate MFK information into the General Ledger to allow transaction processing for the sponsored project to begin. They will also establish a record in the GFUP database for each grant/program number and create an allocation of funds and the entry of line item budgets.
Maintain FMS, GFUP, and LOC systems
The FMS database stores the line item budgets. The GFUP system stores the data for each grant/program number that allows the creation of reports and administration of the sponsored project. The LOC system stores the data required to create Federal letter of credit reports.
Collect funds from sponsors
The University collects money for its sponsored projects in several ways, including advance payments, payments made on prescribed schedules, payments made on completion and sponsor acceptance of certain project tasks, cost reimbursement of University prepared billings and electronic funds transfer based on University requests for funds. The GAO is responsible for preparing the billings and other requests for funds, for depositing all funds received in the appropriate MFK, for maintaining the accounts receivable for all billings and for performing the follow-up with any non-paying sponsors.
Issue payments to subcontractors
The GAO monitors all invoices submitted by its subrecipients for compliance with the terms and conditions of the applicable subcontract agreements prior to initiating the payment process.
Advise on sponsor regulations and fiscal allowability
Faculty and staff frequently ask for guidance regarding the appropriate expenditure of project funds. Their questions relate primarily to the rebudgeting flexibility within or between budget categories or the time frame during which expenditures can be incurred and often involve some interpretation by the Grant Accounting staff based upon individual circumstances. Reference to the written policies of the sponsor and/or the University is given where verification of a policy is requested. In situations where no specific written policies exist, the GAO will contact the sponsor or the appropriate University organization to ask for an interpretation.
Certain expenditure types are considered unallowable by the sponsor and/or the University. Other expenditure types may generally be allowed but are unallowable or otherwise restricted on certain sponsored projects. The GAO reviews the award document and sponsor policies at the beginning of the award period and determines what expenditure types will be monitored during the project's life. Some expenditure types may be precluded from posting to the general ledger through rules established during the general ledger set up process. Other expenditure types posted to a sponsored project or a specific group of sponsored projects are identified by the MFK Institutional Account and reviewed monthly by the Grant Accounting staff. Unallowable costs discovered during the monitoring process or during any subsequent audit are the responsibility of the department incurring the costs.
When departments charge unallowable costs to or incur deficits under sponsored projects, the unallowable costs or overcharges should be corrected in a timely manner. It is essential that departments review their statements monthly and take appropriate corrective action under these circumstances. The GAO will provide advice to departments regarding the transfer of expenditures on sponsored projects and assistance in transferring expenditures in accordance with acceptable documentation. Departments should contact the GAO accountant assigned to their sponsored project to request assistance in these matters.
Prepare financial reports as required by sponsors
The GAO is responsible for preparing financial reports to sponsors. Most sponsors have established deadlines for submission of both financial reports and scientific progress reports. Departments are asked to ascertain that all recurring expenditures, existing deficits or unallowable expenditures are transferred to other sources in a timely manner so that the financial report can be prepared and submitted within the reporting deadline. Final payments are often withheld until the agency's receipt of the final technical/progress reports. Departments are asked to coordinate submission of these reports with the PI.
Distribute monthly financial statements
Faculty and staff receive monthly reports providing both the detail (TDS) and summary (FMS or SGRE) of expenditures incurred under their sponsored projects. These reports often prompt inquiries regarding certain transactions or about the overall accuracy or timeliness of the information presented. The GAO is available to answer transaction questions or to assist faculty and staff in determining the current fiscal status of their sponsored projects. Financial reports are also available through the web at the Grant DSS on the FO Web Portal. If you do not have access to Grant DSS, the request form is here: http://www.uiowa.edu/~eforms/ga/GrantDSS.pdf .
Provide training on post-award administration
GAO currently provides training through Learning and Development on how to read University Wide Grant Accounting financial reports. GAO is also available for one on one type training to assist faculty or staff with topics pertaining to grant administration.
Verify cost sharing
GAO will assist departments with establishing, monitoring and reporting cost sharing. See the Cost Sharing Policy & Procedure Statement
Grant Accounting is a department under the Controller in the Finance and Operations organization
