Grant and Contract Accounting
Elisa Simmons, Financial Analyst
|Location:||Hardin Valley Campus, Goins 224|
Li Gao, Senior Accountant
|Location:||Hardin Valley Campus, Goins 226|
The Grant & Contract Accounting office will assist project directors with
- Interpreting data from the Banner accounting system
- Understanding relevant policies, procedures and regulations
- Making calculations for budget amendments or new project budgets
- Projecting expenditures to use grant/contract funds efficiently
The Grant & Contract Accounting office will also
- Prepare financial reports for the granting agency
- Monitor grant/contract cash balances
- Assist auditors for sponsored programs
The project director will
- Keep sufficient documentation of time and effort devoted to their sponsored project
- Authorize expenditures from project funds and ensure appropriateness of the approved charges
- Communicate relevant information to the Grant and Contract Accounting office including:
- copies of award letters or contracts
- copies of proposals that are subsequently funded
- copies of budget amendments and budget narratives
- copies of progress reports and final reports
- notification of any major changes in the agreement
- All sponsored agreement travel must meet Pellissippi State travel guidelines
- New faculty/staff positions must be coordinated with the appropriate President's Council member and Human Resources
- Matching commitments must be approved by the appropriate President's Council member
Allowable Cost - a cost that is (1) reasonable for the performance of the project; (2) allocable; (3) in conformance with any limitations or exclusions set forth in the cost principle applicable to the award; (4) consistent with regulations, policies, and procedures that are applied uniformly to both federally supported and other activities of Pellissippi State; (5) accorded consistent treatment as a direct or indirect cost; (6) determined in accordance with generally accepted accounting principles; and (7) not included as a cost in any other supported award (unless specifically authorized by grantor).
Award Letter - the official notification of grant funding.
Banner - the accounting system used by the college.
Banner Reports - reports generated from the accounting system.
Contract - a legally binding document approved by the president of the college and processed by the Business & Finance office.
ePrint - a web-based system designed to distribute Banner reports to authorized recipients. Click here for an ePrint navigation manual.
Facilities & Administrative (F&A) Costs - costs incurred by the college for common objectives that cannot be identified specifically for a single project. These costs include accounting services, network support, facilities operation, maintenance, etc. These costs are normally budgeted and charged as a percentage of a direct cost element. These costs are also known as 'Indirect Costs'.
Finance Self Service - the mechanism by which financial managers can query Banner for real-time financial information. Click here for instructions for using Finance Self Service.
Indirect Costs - see Facilities & Administrative costs (above).
Matching Commitments- costs that have been listed in the proposal without funding requested to cover the costs.
Matching Requirements - costs that may be required by the terms of the award or by statute, but are not funded by the award. These costs are covered by the college or third party contributions, but are subject to the same requirements governing the award.
- Sponsored Agreement - a formal agreement to perform a defined scope of work as defined by the sponsor.
- Sub-recipient Awards - funds received from a primary grant recipient to carry out a portion of a project.
- How often will I receive information from the Banner Accounting System about my program?
- Monthly - The financial manager will receive a notification via email when Banner month-end reports are available.
- How often will I receive accounting reports prepared by the Grant and Contract Accounting Office?
- It varies - Financial reports are prepared according to the timetable set by and in a format established by the funding agency. For reports in a different format you can contact the Grant and Contract Office at 694-6548 to make a request.
- If the grant/contract allows more for travel per diem or a higher mileage rate that the Pellissippi State policy, which will prevail?
- All travel payments made by Pellissippi State will follow the Pellissippi State travel policy.
- What internal / external approvals do I need for a budget revision of my program?
- It varies. Please contact the Grant Development Department for specific guidance.
- What should I do if I suspect an erroneous transaction in my account?
- Notify the Grant and Contract Accounting office immediately. The transaction will be investigated and any necessary correcting entries will be made. It is very important to continually monitor transactions and verify any necessary corrections prior to June 30 and/or the grant/contract end date.
- Code of Federal Regulations - Education (EDGAR)
- Code of Federal Regulation - Labor
- NSF Grant Policy
- Office of Management & Budget