The process of managing sponsored project finances is a shared responsibility between the PI, the department, OSP and OCGA. All awards received by the University include terms and conditions that are agreed to when an award is accepted by UMBC. These terms and conditions include the approved budget dollars and line items as well as rebudgeting and invoicing terms. Typically, terms and conditions include the timely submission of one or more of the following reports:
- Financial statement of expenditures
- Inventory list of equipment purchased under the award
- Invention/patent/royalty report
- Final invoice/voucher
UMBC is also obligated to follow all federal rules and regulations such as 2 CFR 200 Uniform Administrative Requirements, Cost Principles, Audit Requirements for Federal Awards (OMB Uniform Guidance), and Cost Accounting Standards (CAS).