Sponsored Programs Guidance “Cradle to Grave”
Award Financial
Setup
Summary: This section outlines the information the Office of Sponsored
Program’s (OSP) Grant & Contracts Analyst needs to set up a new fund in
the financial system (BANNER) which is typically provided by the Principal
Investigator (PI), Award Notification, and approved FIN 312.
Approved FIN 312
The FIN 312 provides OSP with the Project name, PI, Sponsor, type of grant
(federal, state, private, etc.), project cost, match required, if any, project period
and indirect cost rate applicable, if any. This form is attached to the proposal
submitted to the sponsor that includes the plan of work, budget and budget
narrative.
The OSP analyst determines what type of fund number to assign based on the
type of sponsor. All grant funds have five characters and begin with the number
“2”. For example, federal awards where funding is drawn down from a letter of
credit are assigned fund numbers with a “21” as the first two digits. Federal
awards where funding is received by invoicing the sponsor are assigned “23” as
the first two digits. For state awards the first two digits are “25” and private
awards are “28”. If cost sharing (MATCH) is required, a fund number is assigned
that corresponds to the same last three digits of the sponsored fund number and
begins with “22” for “21” awards, “24” for “23” funds, etc. For example, if a fund
number is 23555 the MATCH fund number would be 24555.
Line item Budget
The line item budget is used to set up the budget in the financial system by
account number.
Proposal Budget Narrative
The budget narrative provides the OSP analyst with the detail needed to help
determine what category an expenditure should fall in.
The Arkansas Cooperative Extension Service offers its programs to all eligible persons regardless of race, color, national
origin, religion, gender, age, disability, marital or veteran status, or any other legally protected status, and is an Affirmative
Action/Equal Opportunity Employer.
Executed copy of Award
Generally the fund is not setup in the financial system until an executed copy of
the Award is received by the OSP analyst. If the approved budget, project cost,
project period, IDC’s or any other details differ from the proposal, the Award
document dictates what information is used to setup the fund.
The Award generally includes an approved budget and reporting and billing
requirements. This information is relayed to the PI during the Bridge Conference
and used to set up the fund in the billing system. Only OSP analysts are
permitted to send official invoices to the sponsor.
Subawards
If there is a subaward in connection with the Award, OSP will need a copy of the
subaward with relevant contact information, budget, a detailed statement of work
and a Letter of Commitment.