[Major revision–posted 5/1/17 (replaces 2/23/15 edition)]
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Operating Policy and Procedure

OP 65.09: Budgeting Sponsored Projects

DATE: May 1, 2017

PURPOSE: The purpose of this Operating Policy/Procedure (OP) is to implement Section 07.04, Regents' Rules, and to set forth the policy and procedures by which awards and award budgets are established and modified for sponsored projects and related funds.

REVIEW: This OP will be reviewed in January of odd-numbered years by the Managing Director of the Accounting Services (AS) and the Managing Director of the Office of Research Services (ORS) with substantive revisions forwarded to the Assistant Vice President and Controller and the Vice President for Administration and Finance and Chief Financial Officer.

POLICY/PROCEDURE

1.  Policy Statement

ORS determines whether contributed funds are appropriately classified as sponsored projects and executes awards and award modifications. It is the policy of Texas Tech University that the Managing Director of AS or his/her designee authorizes sponsored project budgets in accordance with executed award documents.

2.  Procedures

a.    New Funding and Continuations

ORS provides executed award agreements to AS. AS establishes the related FOP(s) in Banner and budget(s) in the Budget Revision System in accordance with federal regulations, the award terms and conditions, the proposal budget, and institutional policy and procedure.

b.    Budget Revisions

The principal investigator (PI) or designated alternate approver may request budget revisions to active sponsored projects through AS.  AS reviews the request, obtains agency approval (when required), and applies the revision in the Budget Revision System. If a budget revision request results in the need for an official modification, AS will coordinate with ORS.

c.    Award Modifications

Award modifications can include, but are not limited to, increases or decreases in awarded funding, significant changes in the scope of work, project terminations, no-cost extensions, changes of PI within the university, and transfers of PI and awards to/from the university.  For award modifications, ORS will work with the PI and facilitate contact with the sponsoring agency to negotiate the modification.  Once executed, ORS provides modifications to AS to update accounting records (FOPs and award budgets) accordingly.

3.  Record Retention

The proposal and award documents are made available to AS for financial administration of the sponsored project. However, ORS is the official office of record for the original and award modification documents, and the Budget Office is the official office of record for the original budget and all budget revisions.

4.  Board of Regents' Reports

The Office of Research Services reports sponsored projects to the Board of Regents to be included as an information item at the next regular board meeting in accordance with Section 07. 12. 3, Regents' Rules.

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