C. Preparation of Budget New contracts and grants, as well as contributions, renewals, and amendments, may be budgeted for the award period without regard to the fiscal year of the university. Contract and Grant budget worksheet preparation must follow the grantor's rules. All budgeted salaries must have a proportionate amount budgeted in the fringe benefits category. The following expenditure rules are usually incorporated into the terms of contracts and grants. All expenses should be incurred and equipment delivered during the official budget period of the grant.
Specific restrictions limit the type of expenditures paid from a contract or grant.
The Contracts and Grant Section will assist in the interpretation of grantor rules and regulations. To aid in expenditure control, the University Controller's Office furnishes monthly departmental ledgers. Such reports will be prepared by the Contract and Grants Section. If necessary, a no cost time extension should be requested by the principal investigator in order to extend the end date to complete final accounting transactions. Financial reports are not considered complete until all encumbrances are cleared and all invoices paid.