Managing Your Grant

Managing a grant effectively is crucial to ensure compliance with both Fairleigh Dickinson University (FDU) policies and the sponsoring agency’s requirements. The Office of Grants and Sponsored Projects (GSP) collaborates with Principal Investigators (PIs) to oversee the financial and administrative aspects of awarded grants.

Post-Award Processes

Award Notification and Acceptance: Upon receiving a Notice of Grant Award (NGA) or contract, the GSP will:

  • Review the award terms and conditions.
  • Notify the PI/Program Director (PD) and schedule an orientation to discuss compliance, reporting requirements, and financial management.
  • Coordinate with the Finance Division to establish a restricted fund account based on the approved budget, enabling the initiation of personnel allocations and non-personnel transactions.
  • Work with PIs to hire personnel, engage consultants, and process student and participant support tuition and stipends, ensuring compliance with grant guidelines and institutional policies.

Financial Management

  • Budget Monitoring: PIs are responsible for regularly reviewing expenditures to ensure they align with the approved budget and comply with both FDU and sponsor guidelines. Any deviations or necessary budget modifications should be promptly communicated to the GSP.
    • Allowable Costs: Expenses that are reasonable, necessary, and directly related to the project, such as salaries for project staff, laboratory supplies, and travel for project-related conferences.
    • Unallowable Costs: Expenses that are not permitted under the grant terms, such as entertainment, alcohol, or expenses outside the project scope.
  • Financial Reporting: The Finance Division, in collaboration with the GSP and PI, is responsible for preparing and submitting financial reports to the sponsoring agency as stipulated in the award agreement. Timely and accurate reporting ensures compliance and continued funding.

Compliance and Reporting

  • Progress Reports: PIs must prepare and submit periodic progress reports detailing the project’s advancements, challenges, and outcomes. These reports should align with the sponsor’s requirements and deadlines.
  • Financial Reports: The Finance Division will compile and submit financial reports, reflecting the grant’s expenditures and financial status, in accordance with the sponsor’s schedule.
  • Audits: Grants may be subject to internal or external audits. PIs should maintain comprehensive records of all project-related activities and expenditures to facilitate a smooth audit process.

Grant Closeout

  • Project Completion: As the grant period concludes, PIs should ensure all project activities are finalized and objectives met.
  • Final Reports: Within 90 days post-award expiration, PIs must submit final programmatic reports summarizing the project’s outcomes, while the Finance Division handles final financial reports.
  • Record Retention: All grant-related records should be retained for at least three years following the final report submission, unless otherwise specified by the sponsor.
  • Equipment Disposition: Any equipment purchased with grant funds must be inventoried and tagged by the University. Post-project, such equipment typically remains University property, unless directed otherwise by the sponsor. Subsequent costs, like maintenance, become the responsibility of the respective department or school.

For detailed guidance and support throughout the grant management process, PIs are encouraged to consult with the GSP.