This procedure explains the method of establishing a new sponsored project in the official accounting records of the Georgia Institute of Technology. Projects are set up in the accounting records upon authorization of the sponsoring entity and the acceptance of the funding terms and conditions by the Georgia Institute of Technology or the Georgia Tech Research Corporation.
The Office of Grants and Contracts Accounting is charged with the establishment of sponsored projects in the accounting records of the Georgia Institute of Technology upon receipt of properly authorized/approved budgetary and invoicing documentation for awards under the direction of Institute personnel in the following funds: Resident Instruction (RI), Georgia Tech Professional Education (GTPE,), and Enterprise Innovation Institute (EII). Awards are accepted and/or negotiated with external sponsors by the Office of Sponsored Programs (OSP) to minimize the risk to the Institute. After an agreement is accepted and a project number assigned, OSP forwards copies of the documentation to the Project Director/Investigator, the School Administrator, the Grants and Contracts Accounting office and appropriate representatives within the respective campus units via electronic notification. With the exception of sponsored awards funded by the Georgia Tech Foundation and the Georgia Tech Research Corporation, most requests received by the Grants and Contracts Accounting office without approval by the Office of Sponsored Programs will be returned.
Upon receipt of an accepted award, OSP contacts the Office of Grants and Contracts Accounting to establish a sponsored fund and project number in the accounting records of the Institute. Only after the project number is assigned can costs be allocated to the award for cost recovery from the sponsoring entity. At the time the project number is assigned, the Grants and Contracts Accounting office has notification that an award has been accepted by the Institute and/or Corporation and the following steps are taken to monitor the project and establish the sponsored project in the accounting records:
- Demographic information is sent electronically from OSP to the GM System.
- Contractual budgets are established in the accounting records by the Office of Grants and Contracts Accounting.
- A project accountant is assigned based upon the sponsoring entity at the time a project number is assigned.
- A review of the contractual terms and conditions for financial matters (i.e., budget, financial reporting, billing, etc.) budget distribution, contractual matching cost requirements, invoicing and financial reporting requirements, effective and termination dates is performed by the Grants and Contracts accountant to limit the risk that contractual obligations will not be met. Discrepancies are brought to the attention of the Contracting Officer in OSP for clarification and/or adjustment.
- Posting errors should be brought to the attention of the accounting staff in the Grants and Contracts Accounting office for correction.
A separate process/procedure has been developed to account for minor Gifts and Grants (amounts usually between $1,000 and $15,000) received by Georgia Institute of Technology that contain restrictions as to the use of the funds, but have no requirements for project deliverables or intellectual property rights. These Gifts and Grants are identified as GIT Miscellaneous Awards in the accounting records of the Institute. If the award meets these requirements, the Director of Grants and Contracts Accounting is authorized to establish a restricted fund to manage the award upon receipt of a “New Project Request Form” from a Unit Financial Manager along with the funds. If the award has deliverable requirements, any stipulations related to intellectual property, represents an award from a federal sponsor, or exceeds the limit of funding referenced above, the award documentation will be forwarded to the Office of Sponsored Programs for processing or other action in accordance with existing procedures.
Cost Share Projects
Cost share (Matching) funds are those funds contractually obligated by the Institute to meet the financial requirements specified in a sponsored award. The GM System obtains contract information directly from the OSP database and reports Cost Share Obligation on the "Fund" Demographics Panel. All related cost share projects are linked to the sponsored project for reporting purposes. The GM System is designed to prepare Cost Share reports on a regular basis. See G&C Policy 3.9 “Cost Share Expenses” for procedures and additional guidance.
Contact the Grants and Contracts Accounting Department at email@example.com for specific guidance related to managing sponsored projects at Georgia Tech.