Presentation on theme: "RAP October 3, 2012. What does “Best Practices of Grants Management” mean? ◦ It is the daily oversight of the grant/contract/agreement in accordance."— Presentation transcript:
What does “Best Practices of Grants Management” mean? ◦ It is the daily oversight of the grant/contract/agreement in accordance with institutional, federal and sponsor rules and regulations that govern the project. For example: OMB Circulars A-21 and A-110 Cost Accounting Standards State Purchasing laws Equal Opportunity Act
Federal and sponsor rules & regulations are found in the Terms and Conditions section of the award document. ◦ What information is found in the Terms & Conditions? Grantee and Sponsor responsibilities such as: maintaining integrity and professionalism in conducting the project Recordkeeping Technical reporting and any closeout requirements Limitations on budget revisions
Budget revisions are the most widely used function in grants management. ◦ Why? Because the budget is a “best guestimate” based on past experiences by the principal investigator. No budget is truly “accurate”. ◦ When? Revisions are requested when reallocation of the budget is necessary to ensure completion of the project.
What kinds of budget revisions do PIs request? ◦ Some of these requests need to be reviewed against the Terms & Conditions of the grant to see if the changes can be made internally or require Sponsor approval. For example: Reduction of PI time and effort Foreign travel not originally requested in the proposal Equipment purchases not originally requested Rebudgeting of Participant Support Costs Adding a subaward to the project
Prior approval from the sponsor may be required if there is a limit to rebudgeting. (i.e. 10% adjustment per line item) When the original PI leaves the institution and the project is replaced with a new investigator because the project cannot be transferred with the original PI. In very rare instances, when the Scope of Work has changed. This always requires approval from the Sponsor. When are budget revisions not acceptable? If the request is in the last 90 days of the project and it requests the purchase of equipment or material & supplies that are not necessary to complete the project.
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