Insufficient funds to cover transfer of expenses.Lack of necessary and sufficient justification.Lack of accurate and complete accounting information.A request for a budget revision may beĭenied by the chair, dean, or Office of Research if any of the following occurs: To the funding agency's contract division. Will be requested to review the budget in line with the project goals/objectives.Ī request for changes in budget categories will be initiated by the Office of Research In the event the request is declined, the principal investigator/project director If the revision is reasonable, allocable, and allowable (see policy on Direct Costs). The project how the budget revision(s) will support the goal(s) of the project and Review of the budget revisions will take into consideration the original intent of Is due to Tennessee Tech budget policies and procedures or to clean up lines at theĬloseout of a project. Note: This form is not required when submitting a budget revision if moving funds If a change in a budget is requested, the Request for Budget or Program Revision form is to be completed and submitted to the Office of Research for review. Of approval is not on file, it is possible an audit finding will be made. Non-government funding agencies have their own policies regarding transfer betweenīudget categories for example, Martin Marietta Energy Systems, Oak Ridge, requiresĪll changes in budget categories to be requested, preferably in advance. Of projects as applied to Tennessee Technological University. In the absence of specific contract requirements, 2CFR 200 Subpartĭ-Post Federal Award Requirements contents may be helpful for financial management Furthermore, each individual federal agency may have its own contract termsĪnd conditions. Regulations (FAR), or the Education Department General Administration Regulations The financial management of non-defense federal funds on non-construction awards mayīe governed either by 2CFR 200.308 Revision of Budget and Program Plans, Federal Acquisition Investigator/project director may preclude receiving an audit finding). A sound justification, in writing, for the change with approval of the principal This is a somewhat standard practice, this procedure may not be approved by the stateĪuditors. The justification is given by the principal investigator/project director. If the contract is silent, a maximum of ten percent (10%) change from a budgetĬategory may be internally requested through the Office of Research provided that Prior approval is to be obtained from the funding agency.Ģ. If the contract is specific on the issue of moving funds between budget categories, Will be based on the request meeting one or more of the following criteria: State Fundsġ. Made (by the Office of Research) if the funding agency must approve the changes. In view of the importance of managing projects within approved budgets, requests forīudget changes should, if possible, be anticipated in advance and a determination Would encourage the appropriate expenditure of all project funds in meeting the project In managing project budgets for optimum utilization of funds. It is recognized that the principal investigator/project director needs flexibility May not be made without prior written approval of the STATE.
Contract revisions full#
The CONTRACTOR may request a budget revision to theĬontract budget by letter, giving full details supporting such request, and submittingĪ revised budget summary page in the appropriate form and detail, and such adjustment The expenditure of funds made available through this contract must adhere to the line Flexibility for moving funds between budget categories may or may not be permittedīy the funding agency for example, the following section appeared in a contract with The Grants Accountant periodically receives requests for changes among and betweenīudget categories that were approved in the contract and recorded on the project activationįorm. Procedure | Budget Revisions on Contracts and Grants
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