site    
hope college > campus offices > business services      

 
Cost of Attendance <
Payment Options <
Frequently Asked Questions <
Student Resources <
Student Health Insurance <
Employee Resources <
Links of Interest <
Audited Financial Statements <
Federal Grants & Awards <
Business Services Staff <
 

Award Management Policy

Proper award management helps to insure that funds provided by federal grants
and contracts are spent in accordance with the Terms & Conditions of the award.

Principal Investigators (PI) are expected to review their financial activity on
their Federal awards using KnowHopePlus not less than monthly. Errors
or questions regarding expenditures must be reported within 30 days to the
Business Manager. Corrections to the award must be recorded within 90 days of
the expenditure.

All corrections found after 90 days must be reported to the Businiess Manager
and accompanied by a detailed explanation of why the item is in error and an
explanation of why the error was not reported in a timely manner.

Staff from Business Services will monitor grant activity on a monthly basis
to provide oversight that expenses do not exceed budgets. It will be the
responsibility of the Business Manager to alert PI’s in a timely manner of
potential over-expenditures.

Instructions:

Non-payroll

  • Complete an Interdepartmental Charge Form (ICF)
  • Provide complete detail for the correction
  • If the correction is between two FUNDS, signatures are required from both a person responsible for the charge and the credit.
  • If the correction is between ACCOUNTS, the PI initiating the correction
    may sign both the charge and credit.
  • Submit the form to Business Services for processing.
  • The Business Manager will review all ICF prior to processing.

Payroll

  • Payroll corrections must be processed via a Payroll Re-Distribution
    process. This will insure the integrity of the Payroll Distribution records.
  • Payroll redistributions must be initiated by contacting the Business
    Manager. The Business Manger will review the request and if appropriate,
    will submit the corrections to the Payroll Clerk for processing.
  • A detailed explanation must be included detailing which employee’s
    wages are affected, the Pay ID’s, and the total amount to be re-distributed.