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What we do

As part of Ontario Tech's Finance and Strategy division, Research and Trust Accounting (RTA) is responsible for managing the post-award functions of financial monitoring, compliance and reporting for all research grants and contracts at the university

New accounts and closing accounts:

  • Review account opening.
  • Set up new account and budget in Banner/FAST.
  • Notify the PI and ORS, PBO.
  • Signing authority.
  • Review account closing.

Revenue cycle:

  • Deposit cheques and record revenue in fund.
  • Identify wire transfers and record revenue in the appropriate field.
  • Collect overhead and record the revenue.
  • Invoice sponsors and set up invoice tracking for followup.

Expense cycle:

  • Reimbursements, BMO and personal credit card (travel expenses and direct purchases).
  • Non-PO invoices (direct purchases).
  • Cheque requisitions/expense reports (advances, fund transfers).
  • Purchase requisitions and Web-Req.
  • Review for accuracy, proper authorization, compliance with UOIT and sponsor policies, and sufficiency of funding to facilitate processing of payments and purchase orders by UOIT departments.
  • Help satisfy accounts payable (A/P) requirements.
  • Review travel advances for approval and administer settlement.

Transfers between accounts:

  • Record requested transfers—revenue and expenses—between research fund and other fund.

Monthly financial statements:

  • Ensure revenue and expense information in Banner/FAST is complete, accurate and understandable to PIs.
  • Extract reports in Banner and FAST relating to research funds.

Fielding routine queries:

  • Provide information relating to routine fund activity and address issues related to invoicing, reimbursements, payroll and other fund transactions.

Deficit and surplus management:

  • review misallocation, missing revenue and options for deficit resolution wih PIs.
  • Provide notification or large surplus balances when grand end date is imminent.
  • Conduct weekly analysis to proactively identify red flags (underspending, overspending, misallocation).

Reporting to sponsors and stakeholders:

  • Prepare and, upon PI approval, submit annual financial reports to sponsor.
  • Address sponsor and stakeholder financial queries.
  • Co-ordinate financial audits: sponsors (e.g.: Tri-Agency, CFI, MEDI); external (KPMG).
  • Maintain complete, sufficient, appropriate permanent files (audit purposes and PI reference).
  • Understand the A/P policies and frequently used forms.
  • Understand how to interpret and use the monthly statements in FAST; communicate financial policies to PIs.