spear workshop october 19 30, 2015 presented by alisabet valdes emily nerona rebudgeting

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“SPEAR” WORKSHOP OCTOBER 19 & 30, 2015 PRESENTED BY ALISABET VALDES EMILY NERONA Rebudgeting

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When to Rebudget? Expenditures exceed budget category (Refer to Terms and Conditions) OMNI-> Grants-> Awards-> Award Profile Click on Terms Tab Deviations between original budget and Direct and Indirect ( Refer to Terms & Conditions) Rebudgeting Requires Prior Approval SRA Pre-Award Grants Officer has to get approval from Agency Plan accordingly

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Page 1: SPEAR WORKSHOP OCTOBER 19  30, 2015 PRESENTED BY ALISABET VALDES EMILY NERONA Rebudgeting

“SPEAR” WORKSHOPO C T O B E R 1 9 & 3 0 , 2 0 1 5

P R E S E N T E D B Y A L I S A B E T VA L D E S

E M I LY N E R O N A

Rebudgeting

Page 2: SPEAR WORKSHOP OCTOBER 19  30, 2015 PRESENTED BY ALISABET VALDES EMILY NERONA Rebudgeting

Definition of Rebudgeting

The budget plan is the financial expression of the project or program as approved during the award process. After a grant or contract has been awarded, the PI may determine that the approved budget allocations are not consistent with actual project needs. S/he may request the formal reallocation of funds from one spending category, or object code, to another object code category that better reflects the project requirements. This process is called Rebudgeting.

Rebudgeting may have an effect on Facilities and Administrative (F & A)Costs

Page 3: SPEAR WORKSHOP OCTOBER 19  30, 2015 PRESENTED BY ALISABET VALDES EMILY NERONA Rebudgeting

When to Rebudget?

Expenditures exceed budget category (Refer to Terms and Conditions)

OMNI-> Grants-> Awards-> Award ProfileClick on Terms TabDeviations between original budget and Direct and Indirect

( Refer to Terms & Conditions)Rebudgeting Requires Prior ApprovalSRA Pre-Award Grants Officer has to get approval from

AgencyPlan accordingly

Page 4: SPEAR WORKSHOP OCTOBER 19  30, 2015 PRESENTED BY ALISABET VALDES EMILY NERONA Rebudgeting

Rebudgeting Amendments

FSU_SP_GM_CUMUL_PROJ_BUDBudget Amendment FormHow to properly complete Budget Amendment Form:Current Budget Amount Column should match

revised Amount column of previously approved budget amendment form.

Adjustment: Additions or deductions to budget categories

Revised Amount Column: Current Budget Amount Column +/- Adjustment

Page 5: SPEAR WORKSHOP OCTOBER 19  30, 2015 PRESENTED BY ALISABET VALDES EMILY NERONA Rebudgeting

Rebudgeting Instructions

Prepare the Budget Amendment Request form as follows: Complete the Current Budget column by running query FSU_SP_GM_CUMUL_PROJ_BUD

Run the FSU_SP_KK_DTL_EXP_PROJ for current expenditures and FSU_SP_KK_DTL_ENC_PROJ for encumbrances to make sure you haven’t overspent in individual account categories. Fill in the re-budget worksheet with both totals.

Plug in your cumulative budget on the worksheet. Make the budget changes in the middle column and add these to the worksheet. If any of the budget categories are in the negative you need to make adjustments in

the center column. Complete the IDC Calculations tab to determine if the correct amount of indirect cost

is being budgeted. Get all the required signatures. Submit the Budget amendment Request form to your Post- Award Coordinator at SRA. Rebudget_Spreadsheet & Rebudget_Spreadsheet_2_IDC

Page 6: SPEAR WORKSHOP OCTOBER 19  30, 2015 PRESENTED BY ALISABET VALDES EMILY NERONA Rebudgeting

Rebudget Exercise

Dr. Who is requesting a budget amendment for project 034716 to add equipment to her existing grant.

She wants to add 8,000 dollars in equipment and is transferring the funds from OPS salaries, travel, and materials and supplies. She is not changing the scope of work.

It was not in the original proposal, but the equipment is essential to continue the research for project 034716.

Page 7: SPEAR WORKSHOP OCTOBER 19  30, 2015 PRESENTED BY ALISABET VALDES EMILY NERONA Rebudgeting

Rebudget Exercise Instructions

To complete the exercise you will need the following:Rebudget SpreadsheetTab 1 (Rebudget Calculation)Tab 2 (IDC Calculations)Run the FSU_SP_GM_CUMUL_PROJ_BUD (034716)Run the FSU_SP_KK_DTL_EXP_PROJ (034716)Add the two spreadsheet in the Rebudget Spreadsheet.Add the given encumbrance amounts.Can you rebudget Dr. Who’s project correctly?

Page 8: SPEAR WORKSHOP OCTOBER 19  30, 2015 PRESENTED BY ALISABET VALDES EMILY NERONA Rebudgeting

Rebudget Exercise

The amounts to be revised are as follows: Dr. Who will not be traveling therefore the travel funds will be available. Dr. Who has purchased all the materials and supplies needed for the project. Dr. Who was going to hire one Graduate student for the Spring term for

$888.45, but she realized that the project can be completed without an additional student.

Project 034716 has an Indirect cost rate of 51.3% MTDC.

The encumbrances are as follows: Graduate Assistants Total $1,000.00 Temporary Employment Total $250.00 Student Employment Total $250.00 OPS Medicare Total $50.00

Page 9: SPEAR WORKSHOP OCTOBER 19  30, 2015 PRESENTED BY ALISABET VALDES EMILY NERONA Rebudgeting

Rebudget exercise Answer

Completed_Rebudget_SpreadsheetBudget_Amendment_Answer

Page 10: SPEAR WORKSHOP OCTOBER 19  30, 2015 PRESENTED BY ALISABET VALDES EMILY NERONA Rebudgeting

Questions