Upon receiving a sponsor award notice or update to an award, the ORA PreAward team initiates a change request in eTRACS to begin the account set-up and modification process. New funds are set up or modified in Banner, the official financial ledger for ECU. Once the account and award information has been completed, an action memo is generated and all account information sent to the general ledger. An action memo is the official communication regarding a sponsored award notice accepted by the university. The award terms and conditions, dates and dollars and accounts activated for the award are included. The action memo is also used to communicate authorized internal requests and administrative changes.
510 – Allowable Costs – Cost Principles provides the rules and guidance needed to establish a fund to be used to represent the transactions of a sponsored award in the ECU general ledger. This document is recommended reading if you perform or oversee the financial administration of sponsored awards.
ECU has designed a powerful tool as a resource for PI’s and sponsored project staff called the PI Portal. The PI Portal provides easy to access financial information concerning the financial aspects of the sponsored project. Primary investigators can review expenditures, identify personnel paid on the sponsored project, track project expenses and manage closeout deadlines through the PI Portal.