Accounting mistakes: How to fix and report? James Austin 18 Feb 2008 18:06 EST

Hi folks. A faculty friend of mine has a problem that his administration
doesn't seem to know how to handle, so I thought I'd try to mine some of
your expertise.

My friend is a professor at a small college and has an NIH AREA grant.
He's just discovered that the college has been making some substantial
incorrect charges to the grant via an honest (if incompetent) mistake.
Probably about $30,000 or so was incorrectly charged (to be specific,
salary was charged against the grant when it shouldn't have been). All
the financial reports that have been filed have been accurate--but they
have reflected the (lower) balance, reflecting the incorrect charges.

Presumably, the money will be paid back. The question is how that should
be done (into the NIH-grant account? Into a different account?), and how
(and if) the mistake should be reported.

Your advice is much appreciated.

Jim

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