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Research Accounting

Research Accounting is responsible for managing the post-award aspect of research, including financial monitoring, compliance and reporting. Research Accounting is here to support researchers in managing grants, ensuring compliance and financial reporting.

This section contains several tools for the financial administration of research funds. Research Accounting works closely with funding agencies, researchers, administrative units and the Office of Research Services to ensure adherence to funding guidelines and policies.

Overview of grant lifecycle: Post-award

                                      Flow Circles

Grant setup

Once a grant has been awarded, Research Accounting will set up the grant in FAST, the university's financial reporting system. Research Accounting provides acess information, signing delegation and other information to the Principal Investigator (PI).

Research spending

Eligible expenditures are charged to the grant throughout its lifecycle. PIs are asked to consult the Research Accounting Guideline, as well as Tri-Council guidelines, for information regarding eligibility of expenditures. Ontario Tech University has the right and responsibility to withhold payment of ineligible expenses. Research Accounting reviews expenditures to ensure compliance and appropriate supporting documentation, and works with PIs to resolve issues or concerns. PIs are asked to consult Research Accounting (RA) regarding any areas of uncertainty prior to submission of expense reports.

Approval of Expenditures - Responsibilities

Faculty Member (PI) has full responsibility for use of funds. They must ensure that the Expenditures are required for, and are in compliance with, university policies and procedures in addition to any other externally imposed terms and conditions.  Any Expenditure that may be deemed ineligible or inappropriate becomes the responsibility of the PI.  While PIs have authority to release Research Funds as noted above, they do not have authority to sign a contract that binds the University.
Finance checks to ensure compliance, checks for appropriate supporting documentation, verifies correct account coding and fund availability.
Dean (or academic delegate) confirms the Expenditure is broadly relevant and necessary for the PIs specific research program.

Grant reporting

Financial reporting requirements vary depending on the type of grant and funding agency. Research Accounting prepares draft financial reports prior to submission to external agencies and review these drafts with the PI(s). Once the PI has approved the draft, Research Accounting will submit the report. Further, Research Accounting prepares audit files, working papers and statements.

Grant closure

When a grant expires or is terminated, it is closed in FAST. Research Accounting communicates with the PI to notify them that the grant has ended, and to ensure that no further spending can occur. Residual balances are administered in accordance with the residual funds policy and procedures. Over-expenditures are administered in accordance with the over-expenditures policy and procedures.

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