Expanding a bit on ambi's respone. It all depends on how involved you need to be with the project. If all you are doing is checking status, then it seems like this is a single-action task with context per ambi's suggestion.
If there are things you need to do related to this project, then you need to add the tasks that you do related to this project; and have a repeating task for checking on status with the project delegee.
If you are managing the project, then I would still be farming out sub-projects to my team, and I'm not sure I would want to deprive them of the responsiblity for managing their sub-projects - - all I need is status from them. Only your weak links would seem to warrant your maintaining a WBS for their sub-projects in OF.
BTW, I am assuming that this is a modestly sized project. I would put anything where resource management is a concern, where there are complex dependencies, and/or where reporting status exceeds a single simple status table into a spreadsheet or project management package. Of course, I would still use OF manage my tasks related to the project.