Synopsis
This OP2* covers procedures for handling funds remaining at the end of a budget period that a PI* or PD* wishes to "carry-over" for expenditures in the next budget period.
Some sponsors allow the unspent funds to be carried into the next budget period automatically. Some will not. There may also be variations from program to program within a single agency. The ORS* New Award Notification indicates the allowability of carry-over. If permission is required prepare a letter as outlined below.
PostAward Procedure
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PROCEDURES: ROLES AND RESPONSIBILITIES
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DEPT*
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:: 90 days prior to the end of the budget period, checks the ORS* New Award Notification for allowability of carry-over
:: If approval is required, reviews the budget and projects award balance to the end of the budget period
:: If balance will exceed 25%, prepares a letter of request and rebudget justification for the sponsor and sends to ORS*
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ORS*
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:: AD/P* reviews the letter and confirms the terms and conditions
:: Co-signs and returns the letter to DEPT*
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DEPT*
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:: Sends the letter of request to the sponsor
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ORS*
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:: Receives sponsor's approval
:: Notifies the DEPT*
:: Requests that OSP* rollover the balance into the new WBS element
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OSP*
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:: Revises SAP/R/3 entry to reflect the rollover of funds from one budget period to the next
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DOCUMENTATION: OFFICES OF RECORD
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ORS*
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:: Keeps record of approval in award file
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OSP*
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:: Keeps record of approval in award file
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SPECIAL NOTES
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If the principal investigator wishes to move a significant amount of approved carry-over funds to a different budget category, follow the procedures outlined in OP2*: Rebudgeting of Funds on Grants and Contracts.
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