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:
Other References
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.
Indirect Cost Recovery Matrix (PDF, 105 KB)
Research Administration Forum
For additional tips, refer to the slide presentation from the Research Forum 09/22/2015.
Research Administration Forum-Establishing the Control Account (PDF, 928 KB)
Questions?
- Michelle Bollock-Smith, (607) 255-5086
- SFS Help