4.5 Managing and monitoring your grant
Your project has to be managed in accordance with the university policies and procedures and in line with the requirements of the funding body. The following checklist offers a quick overview of the key risk management processes that will help contain any likely financial risks.
Managing checklist:
- Implement internal controls
- Set clear expectations
- Implement policies and procedures
- Clarify responsibility and accountability
- Regularly monitor expenditure against the budget
- Understand and comply with funding agreement/conditions of award
- Invoicing on milestones/tasks/expenditure
- Employment on research projects
- Financial acquittals.
Monitoring checklist:
- Do you have a mechanism to track expenses?
- Do you have access to regular ‘budget vs. actual’ reports (variance analysis)?
- Do you check the progress towards achieving your goal?
- Is it still possible to achieve your goal on time within the budget?
- Is there a need to revise the budget and/or log frame?
- Do you have a mechanism to track expenses?
Modules