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

  • Forecast future spending and pro-actively communicate potential deficit, residual or unexpended study balances
  • 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
 

Contact
612-625-4000
[email protected]
Experts who support
Clinical Trials Financial Services (CTFS)