Once an award is fully executed, a contract control account is required to segregate the funding. The unit or service center is responsible for the creation of the control account.
Distinct accounts or sub-accounts can be established based on the project's financial management needs.
Establishing Accounts in KFS
The following KFS Standard Operating Procedures define the use of Account and Sub-Account attributes:
CG Responsibility ID
To avoid delays in account approval, a Contract and Grant account requires a CG Responsibility ID (Contract and Grant tab).
To determine the CG Rep ID associated with SFS staff and the appropriate agency refer to Who Can Help: Finance Staff.
Note: It is important to add the appropriate ID based on the agency. Otherwise, delays in review and approval may occur.
Contract and Grant Sub-Funds
Descriptions for each sub-fund within Fund Group CG, Contract & Grant: Contract and Grant Sub Fund Listing (PDF, 89 KB)
Indirect Cost Recovery
A Contract & Grant account requires an Indirect Cost Recovery Account.
For projects recovering Indirect Costs >= 25%, the principle investigator (PI) is eligible for a 2% return of indirect. In this instance, 98% is recovered to the College Recovery Account (refer to matrix below), and 2% is recovered to the PI's discretionary account.
For projects not eligible for the return (i.e., projects that recovery <25%), 100% of the indirect cost is recovered to the college account.
Research Administration Forum
For additional tips, refer to the slide presentation from the Research Forum 09/22/2015.