The Principal Investigator (PI) is responsible for a number of financial reporting and monitoring activities.
In general, the PI is responsible for:
- Managing and conducting the project;
- Properly allocating and managing research funds;
- Managing human resources, including the supervision of employees and students;
- Ensuring a safe working environment;
- Ensuring compliance with the University's policies and procedures governing the management and conduct of research; and
- Ensuring compliance with the terms and conditions governing the grant.
- Reporting any change in status to the agency (e.g., full-time to part-time, leaving UBC, etc.)
With respect to financial planning, the PI must:
- Plan, allocate and distribute their expenditures allowing for reasonable completion of their project within the financial limitations of the award;
- Ensure the eligibility of all expenses in accordance with the rules and regulations of the funding agencies and/or the terms and conditions of the contract governing the research activities;
- Plan for contingencies for possible financial liabilities such as for accumulated holidays and costs for termination of employment, transport, taxes, or installation costs for equipment or supplies; and
- Where eligible, include an appropriate amount in their budgets for indirect cost recovery by the University.
The PI must initiate and approve all requests for commitments, transactions, supplies, services and remuneration, ensuring that:
- Activities are eligible costs under rules and regulations governing the award;
- Expenses or commitments are charged to the appropriate Cost Centre; and
- There are sufficient funds.
Financial Monitoring and Reporting
The PI must ensure constant and accurate knowledge of their funds by:
- Reviewing and ensuring the accuracy of the monthly accounting statements issued by Financial Services (the researcher must report inaccuracies to the faculty administrator, who requests a correction and follow-up actions);
- Consulting regularly posted and updatedfinancial summaries to establish the current recorded financial status; and
- Account for all outstanding commitments, transactions or other financial liabilities not recorded in the UBC financial systems.
- Ensure the timely review, correction and approval of all financial reports required by the funding agency and prepared by UBC Financial Services.
Deficits and Over-Commitments
As described in UBC Policy #90 (Over-Expenditure on Research and Specific Purpose Trust Project/Grants), the PI is accountable for all deficits incurred, and may be held personally responsible for covering deficits resulting from unapproved overspending, ineligible expenses or failure to comply with the rules and regulations of the funding agency. Available funds must not be overspent.