Financial Competencies

Our vision at UF is to develop an ever-expanding community that supports excellence in the sponsored programs that enhance the sciences, arts, outreach, and scholarship. We strive toward our vision by intentionally reducing administrative burden on faculty and by reducing risk to UF through supporting sponsored programs administration networking, education, and development of knowledge and skills.

In support of these stated goals, we have developed a competency model that will allow us to strategically target and measure the effectiveness of initiatives designed to obtain our vision. In addition to the competencies documented in the PRO3 model Fiscal Management Certification, including all associated elective groupings, a person considered exceptional in sponsored program administration will be competent in the following financial topics and display the associated behaviors. Additionally, links may be provided to support development of associated behaviors.

Cost Principles

• Explain Direct vs. Facilities & Administrative (F&A) Costs
  • Charging Costs to Sponsored Projects
  • Cost Principles Reference Guide
  • Facilities and Administrative Cost Policy
  • Facilities and Administrative Cost Directives
• Ensure that costs are necessary, reasonable, and consistently treated
  • Cost Principles Reference Guide
  • UF Cost Principles Directives and Procedures
• Ensure that costs are appropriately allocated
  • UF Cost Principles Directives and Procedures
• Apply the most stringent cost policy or regulation when posting or reviewing expenses (sponsor or University)

F&A Rate

• Describe the difference between Modified Total Direct Costs (MTDC), Total Direct Costs (TDC) and Total Federal Funds Awarded (TFFA) and other sponsor-specific bases
  • Facilities & Administrative (F&A) or Indirect Costs (IDC)
• Describe the impact of a rebudgeting and spending across accruing and non-accruing categories
• Explain the components that are utilized for the development of the F&A Rate agreement
  • F&A (Indirect) Cost Rates Overview
  • Indirect Costs Assignment
  • UF F&A Agreement
  • Space Allocation Overview
• Identify the impact of cost sharing on the F&A rate

Budget Projections

• Utilize tools like myinvestiGator to create payroll and operating expense projections
  • Entering Budget Adjustments in myinvestiGator
  • Entering Payroll Projections in myinvestiGator
  • Entering Non-Payroll Projections in myinvestiGator
• Interpret projections and forecasts as they relate to personnel and purchasing decisions
  • Graphic Analysis – myinvestiGator
  • myinvestiGator Project Summary Page

Reporting

Enterprise Analytics Toolkits

• Locate and run existing reports and queries in UF platforms
• Build custom queries and reports in UF platforms
• Interpret the information in the reports and queries

Cost Accounting Standards (CAS) Exemptions

 

• Identify expenses that require CAS exemptions
  • UF Cost Principles Directives and Procedures
  • Charging Costs to Sponsored Projects
  • Cost Accounting Standards
• Process CAS exemption requests in UFIRST
  • UF CAS Exemption Process

Human Subjects Payments (HSP)

• Determine the appropriate method of payment to a human subject participant
  • Human Subjects Payments
  • Human Subject Payments Overview and Roles
  • Making and Recording HSP Payments
• Navigate the HSP system
  • Human Subjects Payments System
• Document issuance of HSP payments
  • Human Subject Payments Instruction Guides

Internal Service Providers

• Define recharge center, specialized service facility, educational business activity and auxiliary
  • Budgeting Service Providers
• Confirm that only documented and approved rates are charged to internal service providers

External Collaborators and Service Providers

• Define the difference between subaward, vendor, and consultant
  • Outgoing Subawards
• Explain and follow appropriate procedures for establishing relationships with subrecipients
  • Subawards at the Time of Proposal
  • Subawards at the Time of Award
• Explain and follow appropriate procedures for establishing relationships with vendors and consultants
  • myUFmarket – Form for Service Instruction Guide
• Describe the payment and monitoring process for subrecipients
  • Managing the Subaward and Subrecipient Invoices
  • Subrecipient Monitoring at UF
• Describe the payment process for vendors and consultants
  • Independent Contractors and Consultants

Travel

Updated guidance on travel

• Ensure the business purpose provides benefit to the project
• Ensure and document traveler is associated with the project
• Ensure federal and sponsor regulations are followed

Special Cost Categories

(equipment, participant support, patient care costs, and meetings/conferences)

Award Fiscal Management

• Interpret award documents to identify rules to manage special cost categories
• Use funds appropriately to support special cost categories

Program Income

Award Program Income

• Define program income
• Identify program income funds
• Manage the revenue according to sponsor terms & conditions

Sponsor Financial Reporting & Invoicing

Contracts & Grants

• Identify the core office responsible for sponsor financial reporting & invoicing
• Interpret and follow documentation standards
• Identify and interpret payment terms

Monitoring Awards

Manage Awards

• Continually review award activities and purchases as they relate to each project’s scope of work
• Meet regularly with Primary Investigator (PI) to discuss status of projects
• Identify abnormal spending patterns and timing of expenses in relation to the period of performance