Nature of Financial Data Financial data included in a proposal establishes the financial parameters for a project for both current and future fiscal years. Requests for financial support must be realistic and consistent with the planned scope of work. The budgetary content of each proposal must be reviewed by the Office of Contracts and Grants prior to release to the potential sponsor. Estimates which events ultimately prove to be unrealistic are not without effect. Overestimates of remaining budget year funds result in under funding for future project years.
Underestimates can unnecessarily tie up Federal agency funds.
Neither situation is desirable and estimates should be made with care. In order to insure that award budgets are not overstated, Contracts and Grants normally restrict the carry-forward portion of award funding until the actual fund balance is determined, usually within 60 to 90 days after the start of the current project year. Some sponsors require interim reports, such as monthly or quarterly, for purposes of tracking the financial status of the project and for handling reimbursements due the University. Contracts and Grants normally handles these interim billings or reports without requiring input from the P.I. or department. Only in exceptional cases is reporting detail likely to be requested of the department.