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A funding source balance report provides a financial summary or overview of all fund sources.  It details the overall budget, total expenditures, total encumbrances, and overall balance of the various fund sources.  The report provides the administrator or Principal Investigator (PI)/Research Personnel with a quick financial overview of all of his or her accounts or fund sources.  Click here for a sample funding source balance report.funding source balance report

IT Works’ grant accounting software generates reports for monitoring budget spend down.  The funding balance report provides the ability to:

  • Track individual and cumulative budgets, encumbrances, expenditures, and balances
  • Monitor spending for user-defined groups of funding sources
  • Create lists by organizational unit (org. unit), key investigators, funding agency, etc.

Track Budgets, Expenditures, Encumbrances, and Balances

The funding source balance report can quickly track individual and cumulative budgets, encumbrances, expenditures, and balances.  The report will show each individual project and then capture a total for all projects.  With this report, the PI can quickly monitor all of his or her projects and appropriately spend funds where needed.  The PI can easily determine if funds are currently being underspent or overspent based upon the expenditures and balances available.  The report allows the PI to easily view the budget and then alert the administrator if additional funds are expected.  The administrator can then contact the funding agency in regards to the status of any additional funds.  The report also allows the PI and administrator to easily view all encumbrances on all accounts.  This serves as a reminder to check the encumbrances on each account to ensure that items are being expensed in a timely manner.

While this report provides a comprehensive overview of each project, the Budget Report provides a financial overview by minor or major code and the Transaction Breakdown report provides a breakdown of each individual transaction.  For more information on the Budget Report, please read this recent blog.

Monitor Spending by Funding Sources

The funding source balance report allows the administrator or PI/Research Personnel to monitor key numbers for individual projects.  As noted above, these key numbers include the budget, expenditures, encumbrances, and the overall balance.  Not only does the report show these key numbers for each individual project, but it captures the total for all projects or funding sources.  The funding type option allows the administrator or PI to determine the different types of funding sources – federal, state, trust, and facilities and administrative (F&A), among others.  This allows the administrator or PI to view a cumulative total for each type of funding source.  This breakdown allows them to determine where a majority of their funds come from or how these projects are funded or supported.  For example, if the report revealed cumulative totals of $3M in federal; $250K in state; $100K in trust funds; and $25K in F&A, the PI could easily see that a majority of his or her funding comes from federal sources.

Create User-Defined Lists

While the administrator or PI/Research Personnel can create user-defined lists by investigator, they can design user-defined lists by organizational unit, funding agency, and other options.  The organizational unit option allows the administrator to view all projects by department or division.  This functionality allows the administrator to quickly view the totals for each department or division.  The funding agency option allows the administrator to view projects by each agency.  This allows the administrator to determine the dollar amount provided by each funding agency, which also gives the ability to determine which agencies fund most of their organization’s projects.  Again, the principal investigator option allows the administrator and PI/Research Personnel to view all of his or her projects or funding sources.

IT Works’ Funding Source Balance Report and Software Options

The funding source balance report is one of many reports that our system provides.  Some of our other popular accounting and financial management reports include:  All Funds Financial Summary, Salary Coverage, and Special Commitment.  To find out more about these and other helpful management reports, please contact the IT Works team today.