Managing Your Grant Award
As the recipient of external funding, the Principal Investigator (PI) or Project Director has overall fiscal and programmatic responsibility for the conduct of the project described in the proposal. This means ensuring that all funds spent under the grant are necessary to the work conducted. The Business Office and the CFGR Director are available to help with interpreting guidelines, but it is ultimately the responsibility of the PI to become familiar with and to comply with the regulations of the particular funding agency. The College's grant activity is audited on an annual basis. Failure to adhere to accepted practices for the management of grant funds jeopardizes the College's eligibility for future awards.
OK, who is doing what?
Upon award notification, the CFGR Director will:
- Notify the PI and other appropriate College personnel.
- Forward a copy of the award letter, a copy of the proposal, any special instructions that may be required, and a copy of the grant agreement (if available) to the College’s Business Office.
- Arrange for a thank you letter to be sent to the granting agency.
- Provide technical assistance to the PI.
The Business Office will:
- Assign a Banner number to the grant and set up an account to receive payments from the granting agency according to the proposal budget.
- Provide Banner access to the Principal Investigator(s) for the purpose of monitoring grant expenditures.
- Draw-down funds as per the instructions and regulations of the granting agency.
- Compile and submit financial reports to the granting agency.
As the Principal Investigator, you will need to:
- Manage the work of the grant and monitor the time and effort devoted by grant personnel.
- Keep organized records of paperwork for audit purposes or in case of questions.
- Prepare any required reports to the agency/funder by the required due date. Note that the Business Office will generate required financial reports.
- Monitor the project budget and track all expenditures, cross referencing them against the official budget approved by the funding agency. Any proposed changes in the use of funds must be brought to the immediate attention of the Business Office and, depending on the nature of the proposed change, may need to be approved by the funding agency prior to implementation.
As the PI, it is important to communicate with the Business Office and/or CFGR Director in a timely manner. We can help you assess whether a question or concern must be submitted to the funding agency, for example, when:
- You anticipate a possible problem (i.e. a grant personnel change, delays in spending budgeted funds, etc.)
- You are proposing a change in your project plan, timeline, or budget
- You discover a discrepancy while balancing your budget
- You have questions about internal processes or paperwork