BASED ON POLICY NUMBER AND TITLE:
2-11-0 EP 3: BUDGETING
PURPOSE: To establish procedures for federal programs financial management.
GENERAL: Project directors develop budgets for their program in compliance with funding agency regulations and the grant award agreement. Expenditures must be made in accordance with funding agency regulations and the grant award agreement.
When the College receives notice of a new grant award, Development Department staff will schedule a grant start-up meeting. During the start-up meeting, the project director, a Development department staff member, and the appropriate grants accountant will review the budget. The grants accountant will assign an account number to the grant and set up the budget in the College's financial system. The grants accountant will provide a copy of the initial budget set-up to the project director.
To modify a budget, there are two approved methods. The project director may submit a properly authorized budget transfer form to the grants accountant with a copy to the project director's supervisor. Alternatively, the project director may request a budget modification via email to the grants accountant and copy the email to project director's supervisor. Budget modifications must comply with funding agency regulations and the grant award agreement.
The project director must comply with all funding agency regulations, the grant award agreement, all applicable state statutes and regulation, and college policies and procedures.
The project director is responsible for the accuracy of all information provided in required grant reports. The project director must verify all numerical figures and computations to ensure that financial information (for example, budget narrative) is correct and accurately calculated.