Roles and Responsibilities – Research Finance vs Researchers
Research Finance – What We Do
Research Finance provides the following post award financial administration of research and specific purpose project grants in compliance with funding agency, university and accounting policies.
- Authorizing set-up of Specific Purpose project grants
- Reviewing research project budgets, collaborative research agreements, contracts and award letters to ensure research project grants are set up in accordance with contractual obligations
- Revenue collection including invoicing, collection and deposit of funds
- Financial reporting to sponsors
- Reconciliation of general ledger balances
- Monitoring deficits – cash and budget
- Refund of surplus funds to sponsors
- Reviewing and inactivating expired project grants
- Allocation of (overhead) Indirect Cost of Research (ICR)
- Validation and notification of General Research Funding (GRF)
- Training and orientation for new researchers
- Conducting spot audit of transactions
- Developing Research Finance Guidelines
- Implementing UBC and Agency policies and guidelines
Researcher Roles & Responsibilities
Once the PG is opened, the researcher is responsible for:
- Following agency policies and guidelines on the use of funds in the PG.
- Authorizing and reviewing expenditures posted to the PG.
- Providing technical progress reports to agencies as required on a timely basis.
- Reviewing and notifying the Office of Research Services (ORS) or University-Industry Liaison Office (UILO) of any budget discrepancies in their PG.
- Reviewing and notifying Research Finance of any revenue or expense discrepancies in their PG.
- Adhering to UBC Policy with respect to research, (i.e. ensure grant is not overspent, ethics certificate in place, etc).
- Notifying the granting agency and ORS of any change in academic status.
- Notifying Research Finance when research is complete and to authorize the close out of the PG (unless unused funds are being returned to the granting agency, the balance of the PG should be zero).
If you require further information or have any questions, please contact a Research Finance staff member.