The University recommends that the Department and PI review the expenditures on the Project on a monthly basis. Consistent monitoring will ensure better internal controls to help in the following areas:
- Minimize cost transfers
- Ensure timely and accurate effort reporting
- Optimize budget forecasting and avoid project overruns
- Request timely sponsor approvals as necessary
The University’s Information Warehouse contains valuable reporting data from PeopleSoft Financials, Labor Accounting, Departmental Charges, and the Invested Funds database. These reports are found in the reporting module on the Princeton Prime portal. The Sponsored Project Summary (FIN022) enables users to view actual versus budgeted expenditure information for an award or project in order to assist in continuous award monitoring. This report also shows current period expenditures (and drill downs to the details), encumbrances and cost-share activity.