The GrantsmanCenter lists five principles of sound financial management as consistency, Timeliness, Justification, Documentation, and Certification. Follow the above link "Budget Management" for detailed information on and guidance on managing your budget.
Technical and Financial Reports must be submitted as required by the sponsor. These guidelines explain the roles of individuals within this process.
Technical & Financial Reporting Guidelines
When a sponsor makes an award to the University, the proposal, the approved project budget, and the notice of grant award constitute our legal agreement with the sponsor. In general, sponsors allow institutions some leeway to re-budget within and between budget categories to meet unanticipated needs and to make certain other types of changes during the award period.
The official award notice typically defines the type and extent of changes that may be made and describes the approval process that grantees must follow. The degree of discretion varies from sponsor to sponsor and also depends on the type of award: Contracts typically allow less flexibility than grants, for example.
The following headings provide guidance regarding many kinds of changes that a sponsored project might require. As with all other budgetary matters, changes to a sponsored project budget must comply with the University's policies and procedures as well as with those of the sponsor and any terms or conditions of the award.
The University’s policy for management and accounting of equipment and property purchased with funds provided by a sponsoring agency will comply with OMB Circular A-110, section 34.
Equipment & Property Management Guidelines