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In the quest to properly spend all available funds, overdrafts can
inadvertently occur. Indiana University Institutional
Policy III-60 "Overdrafts and Audit Disallowances" states that
overdrafts on sponsored programs and audit disallowances are the responsibility of the project director and account manager.
When an overdraft occurs, the Contract and Grant Administrator will send an
"Overdraft Notice" to the account manager stating the amount of
the overdraft. This is a one time notification. If no action is
taken within 30 days, the overdraft will be moved to the departmental
continuation account. The overdraft notice gives the following suggestions
for resolution:
- If the overdraft has been caused by expenses that have been charged to
the account in error:
* Remove salaries, wages, and benefits using the Salary Transfer (ST)
or Benefits Transfer (BT) document.
* Remove all other charges using a General Error Correction (GEC)
document.
- If the overdraft has been caused by overspending with the scope of the
project:
* Send your C&G administrator and department an account number to
cover the overdraft.
* If specific categories are reported in the final report, then the
overdraft will be reflected as cost share within specific categories.
- If the overdraft is a result of extenuating circumstances, contact your
C&G administrator.
Realizing that overdrafts can occur within a project period and in advance of
continued funding, please feel free to contact the C&G administrator to work
through problems.
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Office of Research Administration
509 E. 3rd Street
Bloomington, IN 47401
Phone: (812) 855-0516
Last updated: February 3, 2009
Copyright
2006, The Trustees of
Indiana University
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