The Time And Money document contains the award hierarchy and the distribution and management of project funds within that hierarchy. The administrator breaks down the award amounts and tracks them separately by organizing each amount in a hierarchical tracking scheme. The breakdown uses criteria such as the organizational structures supporting the project and sponsor reporting requirements, among others.
Time and Money deals with the necessary management of the money provided for a project by a sponsor. In order to distribute and manage the money successfully to the various entities that will use it during the project, it is often necessary to break the Award money down into amounts that are tracked separately. This can be greatly facilitated by organizing each pot of money in a hierarchical tracking scheme. How these are broken down may be determined by, among other criteria, the organizational structures supporting the project and the reporting requirements of the sponsor. In particular, an administrator must manage the dollar amounts, the time in which the money can be spent and money expected from the sponsor for future periods. These awards may span decades or last only months and complexity varies greatly. Consequently, the Kuali Research Time And Money documents have been designed to facilitate frequent changes.
Business Rules and Policy
You institutional reporting needs, compliance, financial system, and other business rules will determine how you use the Kuali Research TimeAndMoney document. Time and Money capabilities are driven by any combination of institutional needs as well reporting, compliance, financial system, or other business rules, as follows:
- Best-Practice Sponsored Funds Management - Support the institution to track and monitor financial transactions in accordance with regulatory requirements, industry best practices, the terms and conditions of sponsored agreements, and the general requirements of sponsors.
- Minimize Business Risk - Ensure that the business risk due to incorrect, inconsistent, unstructured, or incomplete records is minimized.
- Financial System Integration - Enhance the institution’s ability to integrate OSP data with financial systems.
- Business Intelligence Support - Support reporting capabilities.
Business rules related to time and money can be found in A-110 (Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals, and Other Non-Profit Organizations), A-122 (Cost Principles for Non-Profit Organizations), and A-133 (Audits of States, Local Governments, and Non-Profit Organizations).
Time & Money
Clicking the time & money button in the Award document will take you to the Time And Money (T&M) document for the award. On the initial opening of the T&M document it will be in an editable state. Once the initial document is submitted and finalized future navigation will take you to a read only version of the T&M; but you can create a new version by clicking on the edit button at the bottom of the page. Be aware, if there is an existing, incomplete, uncommitted T& M document for the hierarchy, you are not able to create a new Award version. You can click the return to award button located under the document header to navigate back to the Award document.
The Time and Money document has two tabs and several tabbed sections. The purpose of each is summarized below. More detailed information on using the time & money functionality can also be found in the Award - Time & Money section of documentation; especially the Award Time Money - Overview article.
Time And Money
- Document Overview - A basic description and explanation of the purpose of the Time & Money document.
- Award Hierarchy - Supports the division of an Award into Units of Organization (such as budget periods or departmental allocations) defined by your institution. The Award Hierarchy section provides a structured, graphical representation of a sponsored project in an expandable/collapsible tree view. There are many ways to implement the award hierarchy. Your institution decides how to implement its award hierarchy.
- Transactions - Use the Transaction section to add, move, or remove money in the award.
- Direct/F&A Funds Distribution - Some institutions setup their Award Hierarchy to track account breakdown on an award instead of the period breakdown, but still need to track breakdown of Direct and F&A funds on an award by period. The Direct F&A Funds Distribution panel allows you to track F&A by period when the Award Hierarchy structure does not capture this information. More information in the Award Time Money - Overview article.
- Summary - Breakdown of funding expected for all budget periods.
- Ad Hoc Recipients - A place you can ad-hoc action requests to be inserted in the workflow (either APPROVE, FYI, COMPLETE, ACKNOWLEDGE).
- Route Log - Overview of workflow for the Time & Money document.
Action Summary and History
- Action Summary - Overview of actions taken in the award.
- History - Executive level summary of award transactions that affect the funding obligation. This will include a fully history of all actions on the award; including all award versions in the hierarchy and T&M documents. In the Document column these are clickable to allow easy navigation to desired documents.