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Contracts and Grants Are Important to Jacksonville State University. Funds

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Contracts and Grants Are Important to Jacksonville State University. Funds Contracts and grants are important to FINANCIAL POINTS TO CONSIDER AFTER THE AWARD : Jacksonville State University. Funds IN PROPOSAL: provided to support sponsored projects The Principal Investigator submits the 1. Award Amount are a significant financial resource for award notification to the Sponsored JSU. 2. Period of performance Programs Officer (201 Bibb Graves Hall) for approval. Grants, Contracts and Agreements are to 3. Cash and/or In-Kind Matching including be processed and approved as noted in sources of funds and budget number Business Procedure No. BAII:05:01. 4. Method of payment from sponsor Copies of the award document and a APPLICATION PROCESS: project budget must be sent to the 5. Program Revenue Generated Restricted Funds Accountant (309 The Principal Investigator writes the Bibb Graves Hall) and the Sponsored 6. Project Budget by Expense Category grant and submits it with an “Approval Programs Officer (201 Bibb Graves Form for Sponsored Projects” (BA 7. Fringe Benefit Rates* Hall). Form 42). Routing protocol must be observed. 08-09 F.I.C.A. 7.65% An Account number is assigned and the Principal Investigator is notified. All proposals must be approved by the Matching Retirement 12.07% If matching is required, match budget Vice President for Administrative and must be transferred before an T.I.A.A 5.00% Business Affairs (226 Bibb Graves Account number will be assigned. Hall) or the President before being Unemployment .04% submitted to an outside agency. Health, Disability, Life Ins 22.56% The Principal Investigator processes Total 47.32% the Payroll Action form for salaries of Copies of all proposals must be current employees who are to be provided to the Sponsored Programs 8. Indirect Cost Rates: charged to the project or to a Officer (201 Bibb Graves Hall) after Research Grants 44.00% matching account, if applicable. A final approval. (Salary/Wages only) request to post a position is sent to Human Resources for a new Dept. of Education 8.00% (Total Direct Cost) employee. 9. A statement that JSU reserves the right to adjust spending on the contract as required for changes in fringe benefit The Budget Manager may begin rates. charging project costs to the account. *Based upon a $40,000 annual salary and subject to annual revision. BILLING/PAYMENT: If an invoice is required, the Schedule expenditures to match the Principal Investigator prepares time frame of the project. and submits it to the agency. A copy is sent to the Restricted Cash and In-Kind Matching Funds Funds Accountant (309 Bibb must be verifiable and auditable. Graves Hall) for verification. Approval of the granting agency may If required, the invoice is signed be required to transfer funds within the GRANTS by the Vice President for budget. Administrative and Business Affairs (226 Bibb Graves Hall) The Principal Investigator is AND and mailed to the agency. responsible for the preparation of invoices, if required, to the agency CONTRACTS Payment should be sent directly providing funds for the grant/contract. to the Bursar’s Office. Invoice copies should be sent to the Restricted Funds Accountant (245 Bibb If a grantor (such as National Graves Hall). Science Foundation) authorizes electronic drawdowns, the The Principal Investigator is Restricted Funds Accountant responsible for maintaining time requests the funds. records for audit purposes. The department involved must cover unreimbursed project costs. REMEMBER . Applications for outside funding must be approved by the Vice President for Administrative and Business Affairs before being submitted to an outside agency. August 2009 Since fringe benefits vary depending upon employment circumstance, each application should include a statement that JSU reserves the right to adjust spending on the contract as required for changes in fringe benefit rates. .
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