Set Up Grant
RELATED POLICY STATEMENT(S):
July 1, 1993
Because of the importance of accounting for funds which have been donated by others, this procedure provides guidance in setting up necessary grant budget and accounting frameworks. A distinction is made in this procedure between grants that require external qualitative (results) and financial reporting versus those that only require external qualitative (results) reporting.
New Grant / Fund Number Request
Grants Budget Form
After receiving notification of a grant award from a granting entity, the department should complete a Grants Budget Form. Completion instructions can be found in Section VI, STANDARD FORMS, of this manual. A check may be received from the grantor at the time of the award notification.
The department should use the Grants Budget Form and work with Grants Administration to complete a New Grant / Fund Number Request form (see Section VI). A new fund number should be established for each new grant and for each successive year of an existing grant. Creation of the new funds initially and in subsequent periods is the department's responsibility, rather than the Controller's Office. (In situations where no external financial reporting is required by the grantor, a new fund is typically not established for successive years of the same grant.)
When working with Grants Administration, the department should also provide the appropriate organization code for use with the new grant fund. When the appropriate forms have been completed and the necessary information has been gathered by Grants Administration from the department, Grants Administration will submit the information to the Grants and Contracts Accountant in the Controller's Office immediately. The Controller's Office will establish the new accounting distribution and enter the associated grant budget within twenty-four (24) hours of the receipt of the form.
A New Fund letter is sent by the Grants Financial Analyst to the Grants Administration Office, the Principal Investigator, and the Department Administrator.