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VCU Finance & Administration University Controller's Office

912 W. Franklin Street, Richmond, VA 23284-3035 (804) 828-0388 VCUFinance@vcu.edu

 

 

 

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Sponsored Programs (Post Award)

Sponsored Programs includes research projects, training grants, and similar activities funded by revenue received from governmental and private agencies for specific purposes. Sponsored programs are administered in accordance with the terms of the applicable grant or contract and the agency awarding the funds. Because grant awards often apply to more than one year or expenses may occur over more than one year, revenue and expenditures for sponsored programs in a fiscal year differ significantly from total awards. Sponsored programs should be monitored on a project to date basis.

Grants & Contracts Accounting is responsible for maintaining cash controls for grant and contract organizations in accordance with an authorized expenditure level approved by the sponsor and prepares all budget reallocations. In general, approval of a budget by a sponsoring agency constitutes prior approval for the performance of activities and the expenditure of funds as detailed in the budget. Most agencies will allow the grantee to depart from the original budget provided that:

  • the expenditures are necessary to the successful completion of the project;
  • the expenditures are allowable under the governing cost principals and grantor policies; and
  • prior approval is obtained when required.

Please refer to Post Award Changes and Approvals for further information and instructions for Sponsored Program budget reallocations.

The Office of Sponsored Programs is responsible for assisting in the negotiation of the grant or contract and providing technical guidance to researchers in the fiscal development of proposals. Principal investigators/project directors, subject to the policies of departmental chairmen and deans, are responsible for administering the budget for each sponsored program. The appropriate senior executive officer, the Vice President for Research, Budget & Resource Analysis and the University Controller's Office administer overall University budget policies and procedures relative to Sponsored Programs. Information concerning Sponsored Programs Roles & Responsibilities can be found here.

Budget Allocations for Sponsored Programs are subject to allotment restrictions imposed by the State as well as to the policies of the sponsoring agencies. Budget & Resource Analysis will administer State and University budget policies consistent with appropriate State regulations.

It is the responsibility of the department head, fiscal administrator, principal investigator and/or responsible person to ensure that adequate funds are available for expenditure transactions, including payroll. Should any account be in a deficit position for two consecutive months, no further transactions will be processed against the index until the deficit is eliminated. Exceptions to this policy will be granted only when special arrangements have been made in advance. Such arrangements must include a specific plan for eliminating the deficit on a permanent basis. Please see Post Award Cost Overruns for the entire policy.

All information relevant to the financial administration of sponsored programs can be found in Post Award Financial Administration Policies.

 
   
 
Page last updated 23 May, 2013
 

Virginia Commonwealth University
Finance & Administration
University Controller's Office
912 West Franklin Street
Box 843035
Richmond, Virginia 23284-3035
(804)828-0388