The PI is responsible for submitting programmatic reports by the deadlines established in the award agreement or contract, providing an explanation of the research progress, a summary of results, any publications stemming from the research, and other pertinent information, including analysis and explanation of cost overruns or high unit costs.
PIs must establish reliable accounting practices for day-to-day financial monitoring of sponsored research projects in compliance to federal regulations established in the OMB Uniform Guidance. The award document terms and conditions detail the financial data that must be reported.
The PI is usually responsible for performing comparisons of the project records to the University's financial records and monitoring items that are not reflected in the detailed financial report in the University's financial system.
Because the data in the University financial system serves as the basis for financial reporting to the sponsor, it is critical that the PI maintain current and accurate records. As a general rule, expenses should be incurred immediately and on a regular basis once an account number is assigned to a project. This practice helps to ensure that expenses align with the progress of the project, therefore providing an accurate report to the sponsor.
PIs are also responsible for tracking cost sharing commitments as well as effort reporting. They also oversee subrecipient accounts and activities to ensure compliance and timely reporting as established in the award terms and conditions.