New guidance has been developed to encourage consistent tracking of budgets and expenditures for Co-Investigators.
When a portion of project funding is specifically identified with a Co-Investigator and that funding is more than just support of their salary, a unique WhoKey subcomponent should be established to separately track the applicable budget and expenditures. If the Co-Investigator resides in a different unit than the Principal Investigator, the WhoKey should also be established with the Co-Investigator’s organizational unit and department/subdepartment number.
How are new subcomponents requested?
The Principal Investigator or their administrative staff should notify their Grant Accounting contact by email to request that (a) new subcomponent(s) be established. When requesting for a Co-Investigator, the following should be provided:
- Co-Investigator name
- Budget breakdown
- Organizational unit, department/subdepartment to be assigned
Who is responsible for the financial management of subcomponents?
When subcomponents are established for Co-Investigators, financial management for the subcomponent, including TDR reconciliation, is the responsibility of the Co-Investigator and their administrative staff.
However, the Principal Investigator is responsible for all funding related to the project regardless of subcomponents that have been established. Grant Accounting will correspond with the Principal Investigator and/or their administrative staff to complete any financial reporting to the sponsor and the closeout of the award. The Principal Investigator and/or their administrative staff are responsible for coordinating with Co-Investigators and their departments as necessary.
The guidance can be found here: http://gao.fo.uiowa.edu/tracking-co-investigator-budgetexpenditures-guidelines