donor3

 

e-chug
Frontpage Slideshow | Copyright © 2006-2011 JoomlaWorks Ltd.

Fiscal Responsibilities of PI's

Did you know that at NMIMT the Principal Investigator (PI) has overall responsibility for the technical and fiscal management of a sponsored project? While responsibility for the day-to-day management of project finances may be delegated to administrative or other staff, accountability for compliance with NMIMT policy and sponsor requirements ultimately rests with the PI.

The Sponsored Projects Office/Restricted Funds was established to keep you and NMIMT in compliance with various governing regulations. Keep in mind the following before authorizing the expenditure of funds to be charged directly to a sponsored agreement and/or deviating from costs proposed to funding agency:

  • The expenditure must be allowable by the funding source. Check with the financial administrator of your account for any restrictions.
  • The expenditure should be necessary and clearly related to the project.
  • Justification for the expenditure should be documented and attached to the source document, i.e., travel request, purchase orders, direct payments etc. Adequate explanation and documentation needs to be maintained until after the award has been formally closed out by the sponsoring agency.
  • The charge should be reasonable.
  • Make sure that the charge has been processed through the appropriate NMIMT system.
  • Make sure that the charge is coded to the correct account and object code.
  • The cost proposal represents financial expression of the project. Deviations from direct cost categories may require prior written approval from funding agency.  Check with financial administrator of your award for specific award terms and conditions.  Revisions to the scope of effort proposed always requires prior written approval from sponsor.  Where appropriate budget revision request must be made in writing to financial administrator before Sponsored Projects will initiate the revision into BANNER.

Contact the designated financial administrator on your award for specific award requirements. 

Please keep in mind that the monthly expenditure statements, prepared and issued by the General Accounting Department, are the official record of project expenses and the basis for direct and indirect cost reimbursements to NMIMT. Therefore, effective with the March 1998 records, the following certification will be issued with the monthly statements for your signature.

"These salary and wage charges have been reviewed and, to the best of my knowledge, are reasonably accurate approximations of work performed on this account(s). Other direct costs charged to this account(s) have been reviewed and are, to the best of my knowledge, directly applicable to the account(s). Where required, differences have been noted for correction through the accounting system."

Adhering to these guidelines should prevent the possibility of an audit disallowance. Call either Anna McLain, Director of Sponsored  Projects (x5382) or the front desk (x5800) in Restricted Funds if you wish to discuss the above items.

Radio Show Features MRO Interferometer All Week

Radio Show Features MRO Interferometer All Week

SOCORRO, N.M. February 10, 2016 – The StarDate radio program is featuring the Magdalena Ridge Observatory Interferometer every evening this week. The two-minute astronomy show broadcasts at 7 p.m. ...

Tech To Select New President Feb. 18

Tech To Select New President Feb. 18

SOCORRO, N.M. February 8, 2016 – The Board of Regents is expected to announce the selection of the new president in open session Thursday, Feb. 18.   New Mexico Tech hosted five candidates for...

Tech Rifle Team Begins Spring Competitions

Tech Rifle Team Begins Spring Competitions

SOCORRO, N.M. February 8, 2016 – Smallbore rifle competitors from throughout New Mexico gathered in Albuquerque for a local competition Saturday, Feb. 6. Smallbore rifles are .22 caliber and competito...

Pygmies Fail to Press Advantage

Pygmies Fail to Press Advantage

ALBUQUERQUE, N.M. February 8, 2016 – The New Mexico Tech Rugby Club started strongly on the road Saturday but dropped a 32-8 decision to the University of New Mexico at Johnson Field. The Pygmies fa...

Famed Second City Troupe Takes Stage Feb. 13

Famed Second City Troupe Takes Stage Feb. 13

SOCORRO, N.M. February 3, 2016 – The Second City improv comedy troupe returns to New Mexico Tech’s Macey Center with a brand-new take on love and relationships at 7:30 p.m. on Saturday, February 13 ...

Frontpage Slideshow | Copyright © 2006-2011 JoomlaWorks Ltd.