Manage Your Budget
Monitoring Expenditures
Regular account reconciliation is essential for managing sponsored funds and ensuring that spending aligns with University policies and sponsor requirements.
Financial Services sends monthly reminders to PIs to review their accounts using the Evidence of Review (EOR) application. Monthly review and approval of EOR reports is a key component of the University's internal control system and is required under University Policy 3-003, Authorizations and Approvals Required for Financial Transactions.
Comprehensive financial data for your project is available through the Financial Information Library via CIS.
Other tools available to help manage the budget aspects of your project include:
For more information and details on the financial aspects of grants and grants management, please contact Grants and Contracts Accounting.
Re-budgeting
During the project, the PI may find that budget adjustments are needed to better align spending with project activities. Reallocation of funds from one cost category to another is known as re-budgeting or a budget revision.
Re-budgeting requiring sponsor prior approval must be reviewed by OSP.
Grants & Contracts Accounting may process re-budgeting requests without OSP when:
- The change does not move funds into a restricted category, and
- It does not introduce a new category of costs.
Under expanded authorities, some federal sponsors allow re-budgeting without formal prior approval.
To initiate a rebudget request:
- Complete a Re-budget Worksheet or a Re-budget Worksheet for Companion Projects
- Submit it to OSP via eAward
- If sponsor approval is required, approvals must be sought and obtained and uploaded into eAward before processing.
See the Award Modification Request tab in the eAward FAQ for instructions.
Carryover Process
In many cases, unobligated balances may carry forward into the next budget period without sponsor approval, if permitted in the notice of award (NOA).
NIH Awards Requiring Prior Approval for Carryover
NIH requires prior approval for carryover on:
- All P mechanisms (except P01)
- U Cooperative agreements
- T and F National Research Service Awards
- R43 and R41 Phase I SBIR/STTR
- Clinical trials (all mechanisms)
- Awards to individuals
If carryover requires approval - especially when it exceeds 25% of the annual award or $250,000 - the PI should note this in the progress report and indicate that a formal request will be submitted separately.
