Check Points for Implementing and Reporting on Grant Funds
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Notification of Award – A copy of the award notice, or letter of award, needs to be sent to:
The Office of Vice President Academic Affairs CSS 310
Ph: (231) 591-5983
Fax:
(231) 591-3592
INVESTMENT & GRANT ACCOUNTING OFFICE
PRAKKEN
BLDG 255B
FAX:
(231) 591-2975
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Federal Grants require additional contractual stipulations
and verifications. If you have received a federal grant, please contact:
INVESTMENT
& GRANT ACCOUNTING OFFICE
(231)
591-3905 OR (231) 591-2157
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| Review the Award
letter - Does the award meet the needs of the
principle investigator? You may be awarded less money than you asked for, and you
may be asked to submit a revised budget to your funder. Ask yourself: can I meet my
proposal goals with the amount awarded? |
| Obtain
appropriate approvals – Read the instructions on the award acceptance
form. This form must be completed by authorized university officials before the
award can be accepted by the university. Also, in some cases, the Board of Trustees
must approve a grant award. Call the Investment & Grant Accounting Office at
(231) 591- 2157 for further instructions. |
| Determine if there are additional
contractual requirements regarding the grant. Is there a standard
contract included in the award letter? All contracts must be signed by the Vice
President for Administration & Finance, located at Prakken 157. |
| Determine if there are outside
consultants or other professional services
involved that would require contractual agreements. If so, call the Investment &
Grant Accounting Office at (231) 591- 2157 for further instructions. |
If this is a research
grant, determine if the animal
or human use committees need to be
notified. If so, contact these personnel:
Connie
Meinholdt
College
of Arts and Science
ASC
2079
Ph:(231)
591-2759
Fax:(231)
591-2541
Janice
Weaver
College
of Arts and Science
ASC
2098
Ph:
(231) 591-3597
Fax:
(231) 591-2541
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Grant Reporting
requires the use of specific fund numbers and each grant must be separately accounted
for. Please call the Investment & Grant Accounting Office at (231) 591-3905 or
(231) 591- 2157 for assistance. Your Dean's Office or Departmental Account Clerk
staff may be able to assist in the following functions:
- Request for New Fund #
(attach award letter for proper classification) - This is sent to the Grant
Office. Call the Grant Office at (231) 591-3905 to discuss the need for a new
account to monitor grant revenue and expenses. A Request for New Account form will
be sent to the department. The form is available on the FSU Web site. Call (231) 591-3905 for help.
Budget
information must be submitted with the request for new account form.
In order to do this, you must review the budget that was proposed and compare it to your
award letter. Is it the same? Are there items excluded as part of the
award? Contact (231) 591-3905 for assistance.
Once an account number is established, the
budget will be loaded. The Accounting Office will notify the authorized signer once
the account is opened. |
| Report Requirements – Please call the Grant Accounting Office. We will walk you through the reporting requirements of the grant. Who will be reporting on the status of the grant? What information will be required? Please contact the Grant Accounting Office at (231) 591-3905 or -2157 to determine the appropriate notification and reporting process. |
| Matching Funds
– If a grant calls for the use of matching funds, these funds must be identified and
encumbered or moved as soon as available. A review of matching funds takes place
when a new grant account is created. |
| Indirect Costs – Indirect costs are
the overhead or adminsitrative expenses incurred by the universtiy when carrying out a
grant funded program. Indirect cost rates are a percent of recoverable costs paid
by federal or state funders to the university for running a grant funded project.
Indirect cost rates are negotiated between the university and these granting
agencies. The receipt of indirect costs will vary based on the frequency of request
for funds and the expense patterns of the grant. Indirect costs will not be paid for
until the appropirate expenses have been charged to the grant. |
| Request for Funds – The Grant Accounting Office will request funds for all
federal and state grants (any exception will be per agreement). For all other grants -- private, corporate, or local -- the principal investigator may request funds directly. (All checks for funds will be made payable to Ferris State University and immediately deposited into University approved bank accounts). It is important to use the appropriate account codes for the receipt of grant money. Federal grant funds have a different revenue code than state grant funds. For questions on which codes to use, contact (231) 591-3905. A copy of the business office receipt will be forwarded to the Grant Accounting Office for audit documentation purposes. |
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