Financial Monitoring

The University of Oregon (UO) BANNER Financial Information System (FIS) is the only accounting system authorized by the UO for the accumulation of financial transactions, which are to serve as the basis for reports to sponsors. Several BANNER screens, including FWIGITD and PWRPRMR, provide the following important information:

  • Project budget
  • Current month expenditures by category
  • Total project expenditures to date
  • Unexpended, unencumbered balance available
  • Personnel paid from project funds

The Principal Investigator (PI) and departmental accounting technician assigned to the project, are responsible for reviewing project reports to assure that (1) expenditures reported are correct, and (2) applicable expenditures (including encumbrances) appear on the report.

Correct distribution of salary charges should be given special attention. If there are errors or omissions, it is critical that corrections are made as soon as possible to ensure the reliability of accounting data to be reported to the sponsor.

Careful budgeting near the end of a project is important to avoid cost overruns. Particular attention needs to be given to charges which may be initiated without a procurement document, such as instructional services, lab services, mail services, etc., and which, therefore, could be overlooked when doing final budget planning.