So You Were Awarded Your Grant, Now What?

Abstract

New investigators are often surprised when they learn that having a research grant involves much more than conducting their proposed research. Receiving research funds, whether the source is taxpayer or private foundation dollars, requires constant monitoring, considerable management responsibility, and fiscal accountability. As Principal Investigator (PI) you are accountable for all of the operations of your project. Unfortunately, few investigators have been adequately prepared for the business side of their grant. Running a research grant is essentially like operating a small business, which means that as the PI you function as the Chief Executive Officer (CEO). In addition to being accountable for the conduct of the research and handling of your research participants, you are also responsible for hiring and managing staff, monitoring the cash flow, fiscal accounting, and financial reporting. Although you are responsible for all of the scientific decisions made on your grant, your accountability for fiscal management is shared with several other people at your institution. Therefore, your relationships with the Authorizing Organizational Representative/Signing Official (AOR/SO) and other grants managers in your institutional grants office are pivotal to effectively managing your grant. Although other people have responsibility in the execution of your grant, the success of your research project rests with you.