Many funding agencies specify how grant funds should be managed. Grant personnel need to be familiar with the parameters and restrictions of handling awarded funds. Sponsors usually dictate how funds can be spent, if funds can be transferred among budget categories, or carried over into subsequent budget periods.
Allocable – linked to your program goals and benefit your project directly.
Reasonable – reflects the actions that a prudent person would take under prevailing circumstances.
Consistent – like costs in like circumstances are treated the same.
Budget transfers occur when funds are moved between budget categories.
- Budget transfers may not be allowed or may require prior approval from the sponsor.
- Grant guidelines usually dictate the amount that can be transferred among budget categories.
- Budget transfers on grants require ORSP approval and should be the exception rather than standard practice.
No-cost Extensions are additional periods of time given by the sponsor to a grantee for the completion of work on a project. An extension allows previously allocated funds to be spent after the original expiration date. Most funding agencies require prior approval of no-cost extensions.
page last updated 2/24/2014 10:58 AM