Coming Soon: New Expense Verification Tool for Sponsored Programs
Introducing a New Tool for Expense Verification on Sponsored Programs
As part of our ongoing efforts to enhance financial compliance and transparency at the University of Washington, we are excited to announce the roll-out of a new Expense Verification Tool for sponsored program funding. This tool will be available for use in the upcoming academic year, designed to streamline the process of verifying expenses on grant-funded projects.
What is Expense Verification?
Expense verification is a crucial process where departments or units review transactions on sponsored projects, ensuring that all charges are authorized, reasonable, allowable, and correctly allocated. This process helps to maintain the integrity of our financial practices, especially in federally funded research, which is subject to specific regulations under the Uniform Guidance (2 CFR 200) and the Federal Acquisition Regulations (FAR).
Why is Expense Verification Important?
Federal guidelines require universities to implement strong internal controls that ensure compliance with these regulations. By regularly reviewing and documenting expenses, we can provide greater confidence that costs charged to a sponsored project are appropriate and directly benefit the project. Failure to comply with these standards could result in disallowed costs, fines, or penalties from the federal government, which makes adherence to these practices critical for all Principal Investigators (PIs) and Program Directors (PDs).
How Does This Affect Sponsored Programs?
The new tool is designed to simplify the expense verification process, making it easier for PIs, PDs, or their delegates to conduct regular reviews. While expenses may be reviewed monthly, the minimum requirement is that they must be verified quarterly by a knowledgeable individual. This regular cadence ensures that any discrepancies are caught early and resolved before they impact the financial health of the project.
What You Need to Know
- Regulatory Compliance: Federally-funded projects must adhere to strict guidelines ensuring that costs are allowable, allocable, and reasonable.
- Documented Reviews: Verifications should be documented at regular intervals to support compliance and improve the reliability of reimbursement claims.
- Principal Investigators' Role: PIs or their designated delegates must conduct these reviews regularly, at least quarterly, to meet federal requirements.
By implementing this tool, we aim to improve the overall efficiency of managing grant-funded projects while ensuring compliance with federal regulations. Stay tuned for more details and training sessions on how to integrate this new tool into your workflow! The tool is currently in testing with a planned roll out in early 2025.
New on UW Connect Finance:
A few weeks ago, we hosted the first of several FDM bootcamps aimed at strengthening SE accounting knowledge tailored to UW's needs and Workday setups. This bootcamp series is designed to build a strong foundation in accounting principles, supporting UW's reporting requirements and enhancing the expertise of users performing Workday transactions across all campuses. Explore the videos below to learn more about the topics covered during the first session.
FDM Bootcamp Series #1 – Ledger Accounts
- Introduction, https://uwconnect.uw.edu/finance?id=kb_article_view&sysparm_article=KB0033601
- Accounting Worktag Overview, https://uwconnect.uw.edu/finance?id=kb_article_view&sysparm_article=KB0033602
- UW Accounting Principles, https://uwconnect.uw.edu/finance?id=kb_article_view&sysparm_article=KB0033603
- Financial Statements, https://uwconnect.uw.edu/finance?id=kb_article_view&sysparm_article=KB0033604
- Wrap up, https://uwconnect.uw.edu/finance?id=kb_article_view&sysparm_article=KB0033605
UWCF Portal Login Announcement
Starting October 7, access to the UW Connect Finance Portal (UWCF) will require UW NetID login to view all content and forms. If you have already logged in with your UW NetID previously, you will not be prompted to log in again.
Should you have any questions or need assistance, please reach out to Scott Karren via email or MS Teams at jskarren@uw.edu