Now That I Have the Grant, What Do I Do?

Check Points for Implementing and Reporting on Grant Funds

Notification of Award

A copy of the award notice, or letter of award, needs to be sent to:

OFFICE OF RESEARCH & SPONSORED PROGRAMS
1010 Campus Drive, FLITE 410C
Big Rapids, Michigan 49307
[email protected]
Phone: (231) 591-2547
Fax: (231) 591-2226

ACCOUNTING OFFICE
420 Oak Street, Prakken Room 254
Big Rapids, Michigan 49307
Phone: (231) 591-3903
Fax: (231) 591-2975

Review the Award letter

Does the award meet the needs of the principal investigator? You may be awarded less money than you asked for and you may be asked to submit a revised budget to the funding agency. 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 Accounting Office at (231) 591- 3903 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 and Finance.

Determine if there are outside consultants or other professional services involved that would require contractual agreements. If so, call the Accounting Office at (231) 591-3903 for further instructions.

Does your project involve research?

Consider the following:

• Does your project require use of a laboratory? The Director of Safety, Health & Risk Management (SHERM) works with faculty and staff members to develop and implement regulatory compliance programs to address the unique human and environmental needs of our academic colleges.
• Does your research involve human subjects? Any research project or other activity that involves human test subjects must be reviewed by the Institutional Review Board (IRB).
• Does your research involve recombinant or synthetic nucleic acid molecules? The Institutional Biosafety Committee (IBC) reviews applications to ensure that biohazardous agents are used safely and that research & classroom activities done at Ferris State University meets the highest scientific and ethical standards.

Grant Reporting

Grant Reporting requires the use of specific fund numbers and each grant must be separately accounted for. 

1. Request for New Fund # (attach award letter for proper classification): Call the Accounting Office at (231) 591-3903 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.
2. 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) 591-3903 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

Call the 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 Accounting Office at (231) 591-3903 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 administrative expenses incurred by the university when carrying out a grant funded program. Indirect cost rates are a percent of recoverable costs paid by federal or state funding agencies 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 appropriate expenses have been charged to the grant.

Request for Funds

The Accounting Office will request funds for all grants (federal, state, private); any exception will be per agreement. 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) 591-3903. A copy of the business office receipt will be forwarded to the Accounting Office for audit documentation purposes.