You have just received a new grant award. On what areas should you focus?
You should review the award document to determine your key fiscal requirements.
Also the proposal should give you a better understanding of financial aspect.
You should also use the proposal to be prepared for specific events - a certain
type of equipment may require special bidding, allow time for Purchasing to
obtain bids if needed; SPAR may need to negotiate a contract with a sub-
recipient; a foreign visitor may require special processing for payroll or
travel - look for dates.
Is there a personnel budget?
Who is the person to be charged to the grant or to be cost shared ?
Is it the PI (Principal Investigator), Graduate Assistant or temporary personnel?
When will the effort occur, (spring, fall or summer session)?
You will need to prepare the appropriate personnel document to have this person charged to the grant.
Is there a cost share commitment?
What are the sources (personnel, other direct, indirect, in-kind)?
Look at the matching requirements.
Is there a ratio of matching to spending?
Are there sub-recipients?
Check for purchase orders.
Contact SPAR if amounts to be paid to sub-recipients increases.
Is there equipment?
Are there restrictions on the cost or on the type of equipment?
Contact Purchasing or your CGA accountant.
See if there is a Certification Statement included in your paperwork.
Are there line item (budget) restrictions?
Some grantors have line item restrictions
- i.e. cannot exceed 10% of the supply budget without re-budgeting.
Some may require prior written approval for any change.
Is there travel?
Foreign travel may require prior approval by the grantor.
Send all travel authorization forms to Contract & Grant for approval.
What is the direct / indirect cost budget (also termed Facilities and
Administrative (F&A) Cost)?
The direct budget is the PI's to spend. CGA manages and
collects the indirect cost which is re-allocated to the departments and to other
university functions, or is remitted to the State's General Fund. Changes in the budget,
specifically equipment and stipends, and changes in the indirect cost rate may also
necessitate changes in the indirect cost budget. Notify Contract & Grant Accounting if this occurs.
What reports do I have to monitor the financial status?
See Reporting
Is this a grantor with which you are not familiar?
Contact your CGA accountant and
review the guidelines. Areas where you are likely to see restrictions are
personnel, travel and equipment.
What guidelines do I have to follow?
The grantor will impose guidelines that you
must follow. In addition, you will have to comply with the policies and procedures of the
state of South Carolina and the university. In addition the university must comply with
OMB (Office of Management and Budget) Circulars A-21 (Principles for Determining Costs
Applicable to Grants, Contracts, and Other Agreements with Educational Institutions), A-
110 (Uniform Administrative Requirements for Grants and Agreements with Institutions of
Higher Education, Hospitals, and Other Non-Profit Organizations), A-133 (Audits of States,
Local Governments and Non-Profit Organizations and A-133 Compliance Supplement (Compliance
Supplement for Single Audits of State and Local Governments and Compliance Supplement for
Institutions of Higher Learning and Other Non-Profit Institutions).
