Clinical trial accounting
CTSI's Clinical Trials Financial Services (CTFS) provides financial management services for business and industry-sponsored clinical trials. Services include accounting, reconciliation, financial reporting and analysis, and budget projections.
Analyzing financials
- Provide financial analysis and support to investigators and their study teams across the life of a clinical trial
- Interpret budgets and manage expenses
- Ensure compliance with the University policies/procedures and state/federal regulations
- Monitor expenses
Developing reports
- Develop bi-monthly financial reports that include earned income, accrued expenses and the net direct balance and a summary report for Principal Investigators and departmental administrators
- Gather, organize, and present data in a meaningful way that supports decision making
Tracking study budgets vs. actual costs
- Prepare monthly summary budget variance reports for department administrators
- Analyze budget vs. actual variances and communicate with clinical teams to assist with operational decision making
- Monitor budgets and recommend action when there is the potential for deficit spending
Additional services
- Reconcile and manage revenue in consultation with SFR and sponsor
- Review invoices and authorize payment
- Design and implement revenue and expense data-gathering and reporting process improvements to ensure timely report completion, clarity and accuracy
Associated fees and funding for services
CTFS does not charge a direct fee to the investigator, study team, or department for post-award services. Rather, CTFS retains a portion of F&A to offset staff costs for post-award reporting and pre-award staff costs. Learn more on CTSI's website.
Office hours
Contact us to coordinate access to office hours:
- Available during regular business hours
Contact
[email protected]
612-625-4000