Written by Justo Torres, Director, Contracts and Grants.
Let’s say you know your contract or grant is going to be awarded. You have a draft of the award. You have a very good idea of the value of the award and its start date. Then, you ask yourself, “Do I really have to wait to set up a Project ID?”
The answer is no!
NC State offers the establishment of a pre-award ledger 5 for those awards that may still be working through the execution process. While these Project IDs are typically considered “at risk,” it is often a greater risk to not have a dedicated Project ID for faculty to start booking the correct costs to the correct projects.
Pre-award Projects IDs allow Principal Investigators (PIs) an opportunity to initiate sponsored research projects and begin incurring associated expenses prior to receipt of an award or institutional acceptance of an award. Advance accounts allow PIs and departments to record and track expenditures and minimize the need for cost transfers.
For more information about the process for requesting an advanced Project ID, please review the Pre-Award Spending page.