The art of herding cats: Training faculty on federal financial compliance

Presented by Patricia J. Russo, Drexel University; Adrienne Larmett, Baker Tilly; Steve Tustin, Baker Tilly

Faculty awareness and or application of financial compliance rules and regulations to their sponsored awards is inconsistent at best, and non-existent at worst. Since faculty are the first line of defense in the financial compliance of their awards (e.g., through purchasing, reviewing costs, allocating costs, or transferring inappropriate costs off awards timely) it’s important that they receive training to better understand the rules and regulations that govern their sponsored agreements. Further, since the institutional risk for noncompliance can be steep, it’s even more important for institutions to educate their faculty and to help them to understand their fiscal responsibilities; while the PI is the individual responsible for his or her award, it is ultimately the institution that pays the fine. Yet training faculty can seem like herding cats; it’s easier said than done. During this session, attendees learned practical approaches for training faculty on fiscal stewardship of their federal awards. Rest assured, it is possible!

Key takeaways:

  • Speakers identified common financial compliance issues that faculty have.
  • Participants were provided with tips and techniques for educating faculty.
  • Speakers highlighted possible delivery methods.
  • Speakers shared success stories.

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In addition to contributing to the educational program, Baker Tilly continues to be strategic partner and sponsor of NCURA PRA, FRA and Annual Conferences.