1. Award Basics

2. 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

3. 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)

4. 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