As the field of sponsored research administration has evolved over the years, the functional and service units that fulfill the various roles and responsibilities have also changed to reflect the resources available and the institution’s priorities. Universities across the country have experienced increased funding that has shaped the structure of their financial management operations. While in previous years it was sufficient for the post-award financial management of sponsored programs to be housed in the departments and colleges, new organizational structures have emerged as a way of accommodating the increased workload. One institution, the Georgia Institute of Technology (Georgia Tech) employs the Traditional Structure of Research …show more content…
(Appendix B) This paper analyzes these organizational structures’ ability to meet their customer service and audit management needs. Lastly, an ideal model will be offered and presented as a way to provide strong and efficient financial management of sponsored projects. According to the National Science Foundation, Georgia Tech ranked fifteenth in the country for R&D expenditures during fiscal year 2014, with $512,015,000 in federally-funded research. The Office of Grants and Contracts Accounting manages the post-award activities for the institute and reports to the Executive Vice President for Administration and Finance. The organizational chart in Appendix C highlights the functions of this office. Project accounting, cost accounting, and compliance activities are broken up into teams with their own Directors, demonstrating the university’s commitment to providing adequate resources to these topics. This model appears to provide opportunities for specialization of skills and knowledge, balanced distribution of workload, and the imperative checks and balances. GT’s example of a traditional model reflects the university’s emphasis on customer service. Looking at project …show more content…
The Vice Provost and Dean of Research, affectionately referred to as DoR, at Stanford University has the tremendous responsibility of overseeing both the Office of Sponsored Research (OSR) for pre-award activities and the office for Sponsored Receivables Management (SRM) for post-award/financial functions. The breakdown of the SRM assignment, shown in Appendix D, looks similar to that of Georgia Tech. There is a Director that oversees the operations and Accounting Managers leading teams of several Research Accountants. In this way, the financial management of Stanford’s sponsored projects likely mirrors that of Georgia Tech. The two universities may experience the same strengths and weaknesses though they employ different structure models. Still, the hierarchy presents an additional set of benefits and shortcomings. The DoR unifies the efforts of the university, ensuring that all research activities present with a singular voice. This singular voice resonates throughout the lifecycle of an award; the consistency and communication likely has a positive impact on customer service. Having a key understanding of the roles and responsibilities of each office that reports up to him or her, the DoR of Stanford University can eliminate unnecessary duplication of efforts, thus maximizing the institution’s use of
Issue: Decide how to account for the funding of the R&D and royalty payments. Identify the authoritative literature applicable to this funding arrangement and discuss the appropriate accounting for the agreement in accordance with that guidance.
and acceptance of all sponsored agreements on behalf of UMB, Contract modifications, sub-recipient/sub-contract monitoring and contract closeout. UMB CA provides services to UMB’s departmental staff and faculty member through the most effective and efficient means available. This specialty covers the activities related to the full lifecycle of program administration including identification of funding sources, proposal submission, contract negotiation, sub-award issuance, and post-award administration (both financial and non-financial) related to funding provided in the
83). As part of their duty to develop and approve sound fiscal policies, board members must review and approve proposed budgets, include a review of the budget’s reasonableness, and make sure that financial transactions are correct by spot-checking various financial transactions (Konrad & Novak, 2004). Once a budget has been reviewed and approved, the board is responsible for ensuring that there are adequate resources for the implementation of the new budget (Konrad & Novak, 2004). However, this does not mean that members of the board are responsible for writing grant proposals, “rather they must take ultimate responsibility for the financial success of the organization” (Konrad & Novak, 2004, p. 84). Although board members designate a fellow board member to act as treasurer, the financial responsibility does not fall on that individual, rather the responsibility is shared equally by each member, hence why it is important that each member acquire a basic knowledge of financial matters for service as a board member (Konrad & Novak, 2004).
According to the case study, "Managing Costs and Revenues at Happy Town Neurology," in order to receive a promotion an individual must demonstrate the ability to plan, organize and direct the functional structure within that department. The neurology clinic offers its employees opportunities for assistant to the chief financial officer who has been with the company for in this case is interested in a position asked by the CFO to produce a cash flow budget and a report that is needed to acquire a loan for the hospital. In order, for the assistant to accomplish the goal assigned; she will need assistant from the controller. The controller is the chief accounting officer who manages the finance department and generates portfolios that are essential for capital fund acquisition (Buchbinder & Shanks, 2012). Moreover, the controller manages the accounting function and performance, which includes navigating the third party risk-based model procedure.
Emory maintains an uncommon balance for an institution of its standing: our scholars and experts generate more than $572 million in research funding annually while also maintaining a traditional emphasis on teaching. The University is enriched by collaboration among its schools, centers, and partners as well as by the legacy and energy of Atlanta.
The Global Infrastructure Group, a subsidiary of the Global Financial Corporation, is an international conglomerate specializing in developing technologies and solutions for the Global Financial Corporation. This proposal for the Global Infrastructure Group will advise on what requirements the organization can best implement for a comprehensive project management system that can be used in a global organization that has small-, medium-, and large-scale projects. This proposal will
I had a difficult time deciding on the organizational structure of Accounting and Finance without understanding the full scope of this department but I decided on three additional positions set to include: another Receivable Clerk, another Payable Clerk, and a second Financial Analyst. The Analysts will split the tasks of forecasting, budgeting, trends, data analytics, cost analysis, and organizational data requests. The analysts will assist with
It is clear to see that throughout the project the tasks and progress were monitored very closely. The project is heavily dependent on the resources provided by its shareholders and in turn they rely on regular updates to reassure them on their investment. In the construction and building industry the methods and application of project management tools are very reliable and well tested. Therefore, it could benefit the project if the it was managed with detailed and defined practises and also follow standards set and agreed upon on a international level.
Within the project-based organizations is developed throughout the completion of projects. Between the non-project based organizations, the other areas of the project are completed
Also, financial plan can be varied due to various accountabilities in different subsidiaries, which ensure the subsidiary managers have freedom with boundary set up by corporate level. In our case, Codman makes its own plan and budget, and then formalizes it after acceptance by corporate committees. For decentralized system in J&J, the complex with both levels of planning and control, provides real benefits. For example, more accurate information and fair measurements have been preferably delivered through bottom-up process. The subsidiary managers will run the business in the same direction of the whole Corporation, simultaneously deal with problems by their own ability and wisdom, rather than leave them to the corporate level.
The sources of information from which the author has obtained required data and descriptions of methods used to collect the information
This project will explain in detail the structure of those organisations,list the documents required to set up every single one of them and will also mention about financial accounts needed to inform stakeholders about the business activities.
In order to achieve their business objective, project management and the used methodology are key factor which will be responsible for the success or failure of this project.
“A matrix organizational structure represents the middle ground between functional and project structures. Personnel often report both to a functional manager and one or more project managers” (Schwalbe, 2014). In the CDB project Corporate Banking, Corporate Trust, and Consumer banking involve to this project. Project Management Office is a good way to coordinate the contradiction between those divisions.
In order to gain control over the allocation of resources throughout the university and also to balance the monies being distributed amongst the revenue centres a system of participation/subvention was used by the university administrators. These participations were mere equal contributions (20% of the total tuition fees, sales and service income, and indirect cost recoveries) from all revenue centres and were redistributed back to them as block grants called subventions and these participations were portrayed as negative and subventions as positive indirect income. These features in fact enabled university administrators to focus on university priorities and goals. In allocating subventions their main focus was firstly on differentials in the costs of educating students in different fields and secondly, the revenue centres’ cost/quality ratios.