PIs and departmental/center staff are expected to monitor expenditures on sponsored projects to ensure that they stay within the project budget. This includes not only spending, but tracking encumbrances, budget changes and anticipated billing.
Departments/centers are ultimately responsible for resolving overdrafts.
Awards cannot be closed or final statements issued while a significant overdraft exists.
Overdraft status is especially important at project closeout, but an overdraft can occur at any point the project life.
RSP distributes a list of projects currently in overdraft to colleges on the 8th of each month. This list is forwarded to appropriate department administrator(s) for review. It is extremely important that departments/centers review this list and take immediate action to resolve overdrafts.
Additional funds are expected. In this case the project can remain in that status for a short period of time.
Budget information has not been entered into UW data systems. This may occur if 1) the project is in advance award status (88-1) or 2) the award has not been fully finalized with the sponsor. Once the award is fully negotiated, the budget will appear in WISDM.
Problems such as overspending, budget shortfalls, late receipt of vendor invoices and/or incorrect encumbrances have occurred.