Here are a few things you need to put in place:
- An accounting system that separates cost types (direct, indirect and unallowable) and grants from other projects
- Financial policies and procedures – internal controls (travel, employee policies)
- Timekeeping system – completed by employees and approved by supervisor
- File reports required – FFR reports file quarterly/Interim Progress report/ Final Technical report/Invention Disclosure
- Other requirements like supporting documentation: actual vs budget tracking, agreements, etc.
You don’t know what you don’t know. And what you don’t know could hurt your company.
Get in touch with BBCetc for advice and assistance on setting up compliant grant management and other post-award services.