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Why is Monthly Grant Reconciliation Important?

Office of Contracts and Grants

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Jul 27, 2024

Using Pre-Award Project IDs

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…
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Jun 24, 2024

Prior Approvals for Grants

Written by Allison Nelson, Associate Director, Contracts and Grants. What is prior approval, and why do I need it? Prior approval is advanced written approval by a sponsor agency’s authorized official. The authorized official approves specific activities before they occur. An authorized official, for example, is a grants management official, grants management specialist or authorized…
A group of employees joining hands in the backgorund with the NC State Finance Division logo in the foreground

Jun 24, 2024

New Team Members and Roles

Written by Justo Torres, Director, Office of Contracts and Grants. The Office of Contracts and Grants is pleased to highlight some new team members and existing members with new roles. We are committed to attracting and retaining the best talent available and would like everyone to virtually “meet” the following staff: Houston Alexander, Interim Sr.…
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May 23, 2024

Cost Transfers: Necessary but Risky

Written by Justo Torres, Director, Contracts and Grants. A cost transfer is the moving of an expenditure from one department or project to another. They are a needed tool to make sure costs are booked to the correct source, and a part of doing business, but they come with the price of added audit attention.  …
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Apr 25, 2024

Changes Coming to the Uniform Guidance

Written by Justo Torres, Director, Contracts and Grants. In 2014, the U.S. Office of Management and Budget created the Uniform Guidance with the goal to streamline the myriad of regulations that governed Federal-funding grants and cooperative agreements.  In September of 2023, the Office of Management and Budget announced changes that will go into effect in…
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Mar 21, 2024

Summer Salary on Contracts and Grants

Written by Justo Torres, Director, Contracts and Grants. As winter abates, plans for summer begin. For many 9-month faculty, summer planning includes thinking about summer salary on their contracts or grants.  What is Summer Salary? Summer salary refers to any earnings paid through NC State University for work performed by 9-month faculty during the period…
File folders labeled "grants," "funding" and "projects"

Feb 23, 2024

What is a Fixed Price Award?

Written by Justo Torres, Director for Contracts and Grants Fixed price awards play a critical role in research on campus. Sponsors will typically issue fixed-price awards when they are more interested in the outcome and deliverables of a project rather than costs.   What is a fixed-price agreement? A fixed-price agreement is one in which the…
A word cloud with words related to contracts and grants at universities

Jan 24, 2024

Contracts vs. Grants vs. Cooperative Agreements

Written by Justo Torres, Director for Contracts and Grants. Are all contracts or grants the same, regardless of what they are called? The short answer is no.   NC State receives multiple types of funding awards under many different names. For purposes of this article, we will focus on the differences and distinctions of the three…
A group of employees joining hands in the backgorund with the NC State Finance Division logo in the foreground

Jan 24, 2024

Campus Partners in Research Administration

Written by Justo Torres, Director for Contracts and Grants. In this issue of the Finance Division Newsletter, I would like to highlight a team that is not directly part of Contracts and Grants but without whom Contracts and Grants cannot do its job: campus research administrators. They are the unsung heroes of research administration in…
A pen resting on a printout showing account balances and expenses

Dec 11, 2023

Why is Monthly Grant Reconciliation Important?

Written by Justo Torres, Director, Contracts and Grants Reconciling charges posted to contract and grant projects is a critical step in financial internal controls. In essence, it provides a process by which debits or credits posted to a project can be verified and errors eliminated against a contract or grant.   Why monthly? In short, most…