Benaroya Research Institute at Virginia

How it makes and monitors grants (Schedule I, Part IV)

Bri has formal policies and prodecures to assure full compliance with applicable policies and laws governing federal grants. the sub-recipient monitoring policy provides assurance that sub-recipients comply with federal grant regulations. this policy sets the criteria to establish eligibility of sub-recipients to provide annual audited financial reports and the annual omb single audit report that identify compliance with federal laws and regulations. the reports are analyzed with emphasis on auditor's assessment of sub-recipient internal controls and a standardized risk assessment is presented to management on each sub-recipient. a management letter is issued to each sub-recipient showing any findings on their omb single audit report, and measurements are set for increased monitoring when an elevated level of risk is established. management has commuicated with an educated administrative staff regarding implementation of this policy. the director of grants and contracts is responsibile for monitoring sub-recipient adherence to financial regulations. the principal investigator is responsible for overseeing the satisfactory performance of the sub-award to ensure that goals are achieved. if there are unusual or unforeseen items, these will be investigated.