1.
Why
is a single deposit for General Research support limited to $25,000?
2. Can I deposit state or federal funds in
either General Research or Field Trials/Field Studies?
3. Are indirect charges assessed against my royalty
payments?
4. What
if the sponsor indicates that they do not pay overhead?
5. Why is everything budgeted as supplies?
6. Can I pay salaries out of these types
of accounts?
7. What happens if I do not spend my funds
in the fiscal year in which they were deposited?
8. What if my residual balance is greater than
the maximum allowed of 25%?
9. Can I transfer funds between the various
account types?
10.
Can I split fund purchases
between my various funds?
11.
Why do I have to transfer
gift funds to an OSP Foundation account?
12.
Who owns equipment purchased from various funds?
13.
When is a deliverable considered too restrictive
for a various fund?
14.
Can either General Research Funding or Field
Trials/Field Studies be billable?
15.
Who can make deposits to Field Trials/Field Studies?
16.
What is the difference
between a gift and a grant?
1. Why is a single
deposit for General Research Support limited to $25,000?
General Research Support funding is not intended to be a substitute for regular
restricted projects. Therefore, large programmatic projects should be proposed
and established as regular restricted accounts that contain negotiated terms.
2. Can I deposit
state or federal funds in either General Research or Field Trials/Field Studies?
No, various accounts are intended for the deposit of private
funding only. Federal and state funding is considered restricted and should
be treated as such.
3. Are indirect charges
assessed against my royalty payments?
No, royalty payments are not assessed overhead.
4. What if the
sponsor indicates that they do not pay overhead?
You must solicit approval from your department head and dean for anything less
than 15% on General Research Funding deposits. Sponsored Programs will review
and requests for deposit that does not include the 15% overhead charge. The University
has elected to lower the overhead from nearly 60% to the 15% of each deposit.
This reduction reflects that the various funds are unrestricted and administration
of agreements are not required.
5. Why is everything
budgeted as supplies?
General Research Support, Field Trials/Field Studies, and Residual Funds operate
as cash basis accounts (similar to your personal checking account) that are unrestricted
by a sponsor but remain subject to the Commonwealth of Virginia procurement regulations.
Budgeting all deposits as supplies eliminates the need for an itemized budget.
6. Can I pay
salaries out of these types of accounts?
Yes, salaries can be supported from these types of accounts but remains subject
to department and dean approval.
7. What happens
if I do not spend my funds in the fiscal year in which they were deposited?
All various fund balances are not subject to being spent by the end of a
fiscal year. The balances are there until expended.
8. What if my Residual
balance is greater than the maximum allowed of 25%?
Any residual transfer request where the residual balance exceeds 25% must
have a explanation of why the residual is significant. Events may have changed
during the course of the firm fixed-priced contract that resulted in the larger
than expected balance. Any request that exceeds the 25% maximum will be reviewed
by the Director of Sponsored Programs to ensure that the original budget was
appropriate and that the transfer resulted from unforeseen circumstances such
as substitution of cheaper labor.
9. Can I transfer
funds between Various account types?
No, the various funds are segregated for accountability and transfers between
funds are not allowed.
10. Can I split fund
purchases between my various funds?
Yes, split purchases are acceptable.
11.
Why do I have to transfer gift funds to an OSP Foundation account?
All gifts are to be deposited in the Virginia Tech Foundation. Upon deposit,
funds may be transferred to an OSP Foundation to pay for such items as salaries,
wages, and graduate stipends.
12.
Who owns equipment purchased from various funds?
Title to equipment purchased from various funds will remain with the University.
13.
When is a deliverable considered too restrictive for a various fund?
OSP recognizes that sponsors may request a report detailing the results
of your work. Courtesy copies of reports are not considered contractual deliverables.
However, if any payment is subject to the receipt and acceptance of a specified
deliverable, then OSP will treat the project as restricted and will work to
establish a restricted fund.
14.
Can various funds be billable?
No, all various fund types operate on a cash basis only.
15.
Who can make deposits to Field Trials/Field Studies?
The use of the Field Trials/Field Studies accounts are for 229 colleges only
(Vet Med, Ag and Life Sciences, and Natural Resources).
16.
What is the difference between a gift and a grant?
A gift is provided as a unrestricted donation (no strings attached) for your
use and should be deposited in the VT Foundation. With a gift, the donor intends
to count the funding as a tax deduction. Identifying donor intent may require
questioning the donor to access their intentions. Any deposits where either
the check or the accompanying letter identifies the deposit as a gift must be
deposited into the VT Foundation.
A grant may require a specific statement of work but not a required deliverable.
All grants should be routed as a sponsored project. Any grant requiring an agreement,
billing, or deliverables should be routed as a restricted project using our
Proposal Approval Form.
