Managing and Closing Grants

We can help you with the post-award administration of grants and contracts. Just contact the Sponsored Projects Accounting (SPA) office for assistance with account set up, billing, receivables analysis, financial reporting, and account close-out activities. The department is also responsible for compliance activities relating to grants and serves as the primary liaison for the annual A-133 and all other audits. The following Q and A will take you through the process of operating and completing research grants and contracts.

What are my responsibilities as a Principal Investigator?

As a principal investigator (PI), you are fully in charge of your own research, with complete responsibility for the management of your grant(s). You need to pay attention to expenditures and allowable costs, as both your lab, and Mount Sinai as a whole, are governed by federal statutes.

SPA is responsible for the post-award administration of grants and contracts received by the Medical School. We offer Grant Management Tools and outline our policies and procedures to help you in your work.

When can I start to spend my award money?

You can typically start charging allowable costs to the grant once you have received your grant award.

What are the reporting requirements?

Reporting requirements vary by agency and type of award. You can usually find them in the Notice of Award, the Sponsored Project Agreement, or in the online policy and procedure documents of the extramural funding agencies.

Consult with your Grants and Contracts Office (GCO) grants specialist if you have any questions.

You can also refer to the GCO guidelines on National Institutes of Health prior approval requirements and re-budgeting policies specific to other federal agencies.

How do I transfer sponsored projects to another PI or another institution?

Policies and procedures for transferring a special project to another PI or institution vary from funding agency to funding agency. Please consult with your GCO Grants Specialist who can assist you with these requirements.

Our internal procedures are as follows:

How do I close out my sponsored project and/or research application and fund account?

Submit your final report to the GCO using InfoEd. We require this report even if the project is sponsored by the Medical School or the funding agency does not expect a final report.

Final report requirements can be found in the Notice of Award, Sponsored Project Agreement, or the other policy and procedure documents from the extramural funding agency.

Sponsored Projects Accounting will work with you and your department administrator to file your final financial report and close the account.