Award Basics.

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Presentation transcript:

Award Basics

Important Terminology Award – grant or contract (funds) issued to VC by a government agency, foundation, or corporation based on approval of a proposal submitted by VC Sponsor – entity awarding the funds to VC Fiscal Agent – award recipient handling accounting/compliance (VC or VCF) Project Director – VC employee managing the approved project

Underlying Principles “Supplement not Supplant” – awards never replace existing VC funds but add to them; award funds are expended only when VC resources are exhausted/unavailable Public purpose – award expenditures support broader goals and objectives, such as student outcomes, rather than benefiting the sponsor directly (i.e., vendor contract)

Director Responsibilities VC has a decentralized management system, so project directors can expect to: Make and track expenditures/balances Carry out approved project activities Report on activities and outcomes to sponsor Maintain supporting documentation for audits