Re-Budgeting Policy for Sponsored Programs
It is the policy of New York University (NYU, the “University”) that all costs proposed or incurred on a sponsored project must comply with sponsor terms and conditions, NYU policies and procedures and applicable Federal, state and local regulations. The Principal Investigator (PI) is ultimately responsible for ensuring appropriate financial management and compliance with sponsor terms and conditions as well as for determining actual effort expended on a sponsored project. This includes responsibility for ensuring that all re-budgeting is done in compliance with sponsor requirements and University policy.
Purpose of this Policytop
The purpose of this policy is to assist PI's, schools, departments, units and personnel of the University to effectively manage the finances of sponsored program awards by providing guidelines and procedures for making necessary budgetary changes.
Scope of this Policytop
This policy is applicable to all schools, departments, units and personnel of the University involved in administering sponsored awards.
Procedures for Implementationtop
- At NYU, PI’s usually work in consultation with departmental administrators and/or budget analysts with their Schools’ Research Administration to complete re-budgeting of their awards.
- Many Federal sponsors have transferred the authority to approve re-budgeting changes to the recipients. The “Research Terms and Conditions Prior Approval Matrix” for Federally funded projects should be consulted when determining whether it is necessary to have prior sponsor approval.
- If the sponsor is not included in the Matrix referenced above, the PI should refer to the award’s terms and conditions to determine when prior sponsor approval is required.