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Monitoring
Project Spending
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Contingent Accounts
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Science
doesn't always wait for the arrival of money. If you have
received word that an award is forthcoming but the funding
is delayed, you may need to open a "contingent account."
For example, if you have a graduate student who is already
working on the forthcoming research award, and you need
to support him on a Research Assistantship, you may open
the project account before the formal award arrives. To
do this, you need to complete a form.
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The
"contingent account" form asks for a alternate
department unrestricted account, in case the expected
funds do not materialize.
When the funds arrive, they will automatically go into
the project account, and no transfers will be necessary
- a significant advantage over placing these costs somewhere
else and transferring them later. If the funds are NOT
forthcoming, then those costs will be charged to the alternate
department account.
Some sponsors prohibit ANY preaward costs, while others
limit such costs to a specified amount of time. For example,
costs that are incurred more than 90 days before the start
date of a project may be identified as unallowable. Be
sure to check the terms
and conditions of your particular award for
these types of restrictions if you are considering a "contingent"
account."
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Office of Research and Project Administration has published
additional information on this subject in the ORPA
Manual. |
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