Time And Money

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.

Overview

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 KC Time And Money e-doc has been designed facilitate frequent changes.

Business Rules and Policy

You institutional reporting needs, compliance, financial system, and other business rules will determine how you use the KC 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).

Sections Overview

Figure 908 Time And Money Document Layout

The Time and Money document has seven tabbed sections. The purpose of each is summarized in the table below, where you are also able to click a section topic link to navigate to more detailed information.

Table 406 Time And Money Document – Section Descriptions and Subtopic Links

Section (linked to subtopic)	Brief Description
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
Direct/F&A Funds Distribution	Identifies the actions that add or remove money to and from the award hierarchy or move money within the award hierarchy
Summary	Breakdown of funding expected for all budget periods
Action Summary	Overview of key identifiers and indication of award content to help users distinguish one award within the hierarchy from the others
History	Executive level summary of award transactions that affect the funding obligation
Route Log	Overview of changes to the selected award from inception to the present

Access

Click the time & money button in the Award document to cause the Time And Money document to appear. Additionally, you may create a Time & Money transaction document from the Award lookup screen.

Permissions

The following KC user permissions exist for access to Time & Money functionality for an Award:

• View Award: open an award in read-only mode

• Create Award: create a new award

• Modify Award: edit an award

• Modify Time & Money: create Time & Money documents to change Time & Money data in an award

• Release Locks: cancel a Time & Money batch (document) lock on an award hierarchy

Table 407 Time And Money User Permissions

User Class	Role	Description (the group and how they are expected to use the system)
OSP Administrators	Maintainer	OSP Admin is responsible for high level maintenance of awards. The user should have access to view all data. User must be able to change data based on sponsor Award modifications.
Award Administrator	Maintainer	This is usually the OSP Admin responsible for creating and making changes to an Award according to the award agreement/instrument.
Award Time & Money Administrator	Maintainer	Award Time & Money Administrator is responsible for detailed maintenance of the project dates and funding levels for an Award Hierarchy.
Award Budget Administrator	Maintainer	Award Budget Administrator is responsible for maintaining detailed budget data and submitting.
Award Budget Approver	Approver	Award Budget Approver is responsible for approving Award Budgets prepared by the Award Budget Administrator and posting to financial system.
Unit/Dept Administrators	Viewer	Unit/Dept Admin should have access to view their awards; changes should be requested through the appropriate mechanism and routed to OSP Admin for approval. Users can be further restricted via the View Department Awards permission right.
PI/Co-PI/Key Personnel	Viewer	Pi/Co-PI/Key Personnel should have access to view their awards; changes should be requested through the appropriate mechanism and routed to OSP Admin for approval. Users can be further restricted via the View Department Awards permission right.

Locking

The KC system locks the entire award hierarchy, including Time & Money, if one user is editing any award in the hierarchy (a main Award document OR a Time & Money document). This is because changes to any award in a selected hierarchy can be made from the Time & Money screens of any other award in that hierarchy. Subsequent users have the ability to view a read-only version of an award in a hierarchy when one user has the hierarchy locked for editing. The lock holder (or user with appropriate permissions) can cancel or resume editing an uncommitted Time & Money batch.

New Award Versions

If there is an existing, incomplete, uncommitted Time & Money document for the hierarchy, you are not able to create a new Award version. In other words, the entire life of a T&M doc must be completely within or outside an Award version.

Examples:

• T&M doc is created and completed before Award version is created.

• Award version is created, T&M is created and committed, Award version can complete.

• Award version is created, T&M is created (NOT completed), Award version cannot complete until T&M completes.

Document Header

Figure 909 Time And Money Document – Header Example

The header area at the top, right of the document displays the following six fields:

• PI: The first and last name of the Principal Investigator of the research project.

• Lead Unit: The name of the unit taking the lead role in this research (typically, the unit of the PI)

• Sponsor Name: The name of the Sponsor for the corresponding Award document.

• Document ID Status: The unique identifying number for this T&M e-doc, followed by its current route status.

• Award ID: Account: The unique identifier number for the associated Award, followed by its account number.

• Last Update: The date when the last update was made to this document, followed by the user name of that person.

Return To Award Button

Click the return to award button located under the document header to navigate back to the Award document.

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