NC State University

(Ex: 11.15.1 or REG 11.15.1)

Budgeting

REG 10.05.1

July 1, 2002 Archived Version (Effective July 1, 2002 through March 2, 2004)

Authority: Vice Chancellor for Finance and Business

History: First Issued: July 1, 2002. Additional History Information.

Contact Info: Assistant Director, Systems and Compliance (919) 515-8018 Office of Contracts and Grants.

  1. Original Budgets

    2. 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

    1. Points to consider when revising a budget

      1. Understand the specific sponsor terms/conditions regarding revisions to the original budget.

      2. Anticipate budget needs and obtain prior approval rather than after the fact approval. After the fact requests have been denied upon occasion.

      3. Requests for a budget revision must follow the procedures established by the College/School/Unit.

      4. Written, detailed justification is required explaining the reason for the revision.

      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. Budget Revision Requests

      3. 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 Form CG-005 and its instructions by going to www.fis.ncsu.edu/cng and then clicking on the Forms link.

    3. Budget Correction Request

      4. 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.

    4. Entry Code

      5. Entry code (EC) 21 represents a revised budget transaction in the financial system.

      For more information on available budgeting techniques, please go to www.fis.ncsu.edu/cng and click on Budgeting Techniques.