Budgeting
REG 10.05.1
Authority: Vice Chancellor for Finance
and Business
History: First Issued: July 1, 2002. Last Revised: March 3, 2004. Additional
History Information.
Additional References: Office of Contracts and Grants.
Contact Info: Assistant Director, Systems and Compliance (919) 515-8018
Office of Contracts
and Grants.
1. Original Budgets
The Office of Contracts and Grants will enter the original budget data
into the financial accounting system based on the award and approved budget.
The detailed budget for a sponsored project should reflect the expenditure
account code breakdown as submitted and approved by the sponsoring agency
and correspond, where feasible, with the University's account code structure.
If the sponsoring agency does not award the amount requested in the proposal,
the principal investigator or designee must submit, through the college's
normal process, a revised budget that agrees with the awarded amount. The
revised budget will then be forwarded from Sponsored Research and Regulatory
Compliance Services (SPARCS) to the Office of Contracts and Grants for entry
into the financial system. Absence of a budget agreeing in total to an awarded
amount will delay set-up of projects and the unit's ability to expend funds.
Entry code (EC) 20 represents the original budget transactions in the financial
system. These projects are established in the Ledger 5 range of speedtypes.
2. Revised Budgets
2.1 Points to consider when revising a budget
2.1.1 Understand the specific sponsor terms/conditions regarding revisions
to the original budget.
2.1.2 Anticipate budget needs and obtain prior approval rather than after
the fact approval. After the fact requests have been denied upon occasion.
2.1.3 Requests for a budget revision must follow the procedures established
by the College/School/Unit.
2.1.4 Written, detailed justification is required explaining the reason for
the revision.
2.1.5 Facilities and administrative costs (account code 58960) must be adjusted
when increasing or decreasing the equipment, subcontracts (maximum recovery
of F&A is up to $25K on each agreement) and/or student aid account
codes unless the agency restricts the rebudgeting of F&A costs.
2.2 Budget Revision Requests
A budget revision should be requested on a Prior Approval Request Form (CG-005).
This form should be routed through the College/School/Unit for review and
then forwarded to the Office of Contracts and Grants for review and approval/denial.
Link to the Prior Approval Request Form and its instructions by going to Contracts and Grants website .
2.3 Budget Correction Request
The Office of Contracts and Grants will accept written notification from
the colleges in order to correct original budget entries made upon project
set-up. These corrections only relate to cases wherein C&G misinterpreted
into which account code the budget should have been entered.
2.4 Entry Code
Entry code (EC) 21 represents a revised budget transaction in the financial
system.
For more information on available budgeting techniques, please go to Contract and Grants website.
