Contracts & Grants Accounting

Funds with multiple PIs and/or Organizations - Best Practices

The PI is the individual with primary responsibility for the financial management of project funds and adherence to university and sponsor policies; terms and conditions.  It is important upon receipt of the fully executed award for the PI and Administering Unit to review the terms and conditions, make note of important conditions including, but not limited to, reporting deadlines, unallowable costs, and areas that may require prior approval.

Frequently Asked Questions

How are the funds allocated when the award is set up?

  • Contracts and Grants Accounting will allocate the budget to the PI’s account

Who allocates the co-PI’s accounts?

  • The Fiscal Officer for the main PI is responsible for the re-budgeting to co-PI accounts

What if there is an overdraft?

  • Contracts and Grants Accounting Fund Manager will notify PI’s Fiscal Officer of any overdrafts and copy co-PI’s Fiscal Officer.  If the overdraft is in a co-PI’s account, the main PI’s Fiscal Officer should contact the co-PI’s Fiscal Officer to clear the overdraft. 

The main PI is authorizing additional funds for an overdraft.  How do I get the allocation?

  • If main PI authorizes additional funds to cover an overdraft of a co-PI, the PI’s Fiscal Officer is responsible for processing the BA document to adjust the budget.

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