After reviewing and evaluating your proposal, your target agency agrees with you that your proposal is worthy of being supported by their money and will benefit the public. You get a letter from them saying so. ORD may also get a letter, or maybe ORD is informed first, or maybe you both get the good news simultaneously. No matter, you get together for hurrahs.
After you've celebrated and your feet are on the ground again, you think about what's next. Now that you've got the money, how do you go about spending it? Are there rules and regulations Mounds of red tape to wade through? That sort of stuff is to be expected when you're dealing with agencies and institutions, right?
The procedures and paperwork associated with each part of implementing the proposal and the tallying at the end can indeed seem formidable and intimidating, hiring consultants and staff, purchasing equipment and supplies, making travel arrangements. All these matters can seem like just a big hassle when all you really want to do is to get on with your work. Don't despair. Here at EMU we have offices and procedures that make red-tape cutting easier.
Grants Accounting, a unit of EMU Accounting located in Room 230 of the Business and Finance Building, is responsible for the oversight of your grant money. They will walk you through the ropes of the money end of your project. They will establish an account for you, with the authorization of ORD, after the funder has notified ORD that they have accepted your proposal and after the Board of Regents have voted their approval.
The good news has arrived that your proposal has been accepted and that your plan will be funded. You're very eager to begin your project. Not only are you enthusiastic about getting started on this project you've dreamed about for so long, but as a practical matter, you must, in fact, begin. You simply can't wait. Doing so may jeopardize desired outcomes. But the money isn't here yet. What to do?
Actually, through Grants Accounting and ORD, certain "tools" or procedures are available to you that make it possible for you to begin work even while you are waiting for the external (agency) paperwork to come through and for the Regents to vote their formal acceptance. The tools that can help you in such a case arepre-awardandhardshipaccounts.
Pre-awardrefers to an account established with funder money before the Regents have accepted the award. The money is here; it simply hasn't been officially accepted, and--the rules are strict--there is no real grant until the Regents have voted their agreement. ORD, however, can authorize an account and make funds available to get you started.
Hardshipmeans an account established with EMU funds to underwrite a project for which the funds are forthcoming but are being held up by paperwork. The actual contract is still being completed, but you have been assured that it's on its way. Hardship accounts can only be established in those cases in which there are a firm commitment from the funder (verified by ORD) and a need to begin the project prior to receiving the money.
In any event, Grants Accounting officers, upon the approval of ORD, take care of opening your account. After the account is opened, you receive the appropriate signature card. You may accordingly submit such documents as requisitions, travel vouchers, PAFs for hiring, and the like, in order to draw upon your account.
The Grants Accounting people can tell you where to go on campus for the assistance you need, from personnel to equipment to travel, the whole works. They help you by preparing the financial report at the end of the project, and also in drawing up interim ones if the funder wants them. While ORD is your best friend in doing the work to secure the grant, Grants Accounting is your best adviser in the money-spending arena and in negotiating that particular maze of paperwork.
So, now you are ready to spend the money. Some hints and cautions are in order. First, and perhaps most important of all, you must keep in mind that, in the final analysis, it is your responsibility as project director to make sure that all expenses are appropriate for achieving the project's goals and are allowable under federal, state, and EMU regulations. Grants Accounting and ORD give advice, but you are the director and as such are the one who is ultimately accountable.
All expenditures must correspond to the proposal budget. Beyond that, budget requirements and any adjustments in the budget will have been specified in the notification letter or contract which you received. If there are none, federal regulations and University policy apply, and you proceed according to your plan.
It is important to stick to your budget. Obviously, if you are in the process of writing a proposal, you need to think through your project clearly and carefully plan the resources you will need before you submit your proposal. That means that you must also communicate clearly at all stages with your ORD officer, so that the budget is written to fit the job. If you are reading this in preparation for writing a proposal, you might like to review the chapter in this handbook onThe Money Game: Preparing the Budget and Financial Report
Manage your funds appropriately. Stick to your budget. In the event that you feel you need to modify the budget, get in touch with ORD, who will then contact the sponsor for approval. Work closely with Human Resources, Purchasing, and other offices on campus to make sure you know the correct procedures to do what you need to do, before you do it.
Track your money carefully. Retain copies of all expense records, and keep an eye on your budget balance. Sounds just like what you do with your personal checkbook, doesn't it? In essence, it is. Just as at home, you are responsible for spending funds in accord with the approved budget. You have complete "fiduciary responsibility," as they say.
Grants Accounting prepares invoices based on their financial records system, taking the information about the sponsor from the award letter or contract. While they will prepare the various financial reports, they need your assistance since you are the project director. Therefore, it is important that you also understand the funder's requirements.
Reporting is an important aspect of the project, because failure to complete reports in a timely, accurate, and appropriate fashion may jeopardize current and future funding. In the final analysis, you are the one who is ultimately responsible for the financial reports. Grants Accounting helps you fill out the forms and get the required signatures for them, but you must see to it that all that "stuff" is done.
You've got the money now, and, like others before you, you too can survive the paperwork jungle. Teamwork and collaboration are the keywords. Ask questions of and communicate with the people whose job it is to know the details. Otherwise, the details may keep you from doing your best work. Theywant you to succeed.Youwant to succeed. By working together, youwillsucceed.
