Institutional Review & Acceptance
Funding agencies award institutional grants to Centenary College of behalf of a Principal Investigator (PI) or Project Director (PD). As such, the notice of the award is usually sent to the Director of Grants and Faculty Endowments or a senior administrator. If award documents are sent directly to a PI, but the funds will be managed by Centenary, the PI should notify the Grants Office immediately so that the award can be reviewed and accepted in a timely manner.
ii) All institutional awards are made to Centenary College, not to an individual. Institutional review and approval will be required before a grant is accepted. In order for the College to accept an award, the following information must be contained within the award document(s) issued by the sponsor:
- period of performance, the period from the authorized start date to the authorized end date of a project;
- scope of work, a narrative description of the work to be completed under the agreement;
- award amount, the dollar value of the award; and
- sponsor contact and billing information, the point of contact, including mailing address, telephone number, and any invoicing procedures.
iii) The Director of Grants and Faculty Endowments will manage formal review of the award terms and conditions, assist with negotiations and publicity, and work with the Business Office to establish a separate, restricted grant account for your award.
iv) * This review/acceptance process does not apply to awards that are paid directly from the sponsoring agency to an individual, e.g. most fellowships.
i) The financial management of grant funds is the PI’s responsibility. The authority to sign-off on expenses can be delegated to someone else, but the PI remains responsible for management of the funds. Please contact the Director of Grants and Faculty Endowments to authorize another individual to sign-off on expenses. The PI will be required to schedule an initial meeting with the Grants office to review and plan appropriate financial management.
ii) The process of sponsored project expenses:
- The PI will bear full responsibility for budget management, identifying/coding, and ensuring that the expense is allowed before submitting the charge to the Grants Office for approval.
(2) Upon approval, by the Grants Office, the expense may be submitted the Business/Payroll office(s).
iii) The PI will review the grant budget account with the Director of Grants and Faculty Endowments at least once per quarter. All transactions posted to the grant account will be reviewed to ensure that expenditures are within the project’s budget, incurred between specified project date, and to identify/resolve potential erroneous postings.