This procedure is to be used to establish a new sponsored project in the accounting records of the Georgia Institute of Technology (GIT) where the Georgia Tech Foundation (GTF) is the sponsoring entity. Effective February 1, 1999, all business transactions financed by GTF funds are to be processed through GIT in accordance with generally accepted business practices and processes, therefore, a GIT sponsored project is to be established for GTF awards. For additional information, see Processing and Use of Georgia Tech Foundation Funds(Georgia Tech Policies And Procedures-Business and Finance) for a complete description of the policies and procedures for Solicitation, Acceptance and Expenditure of Georgia Tech Foundation Funds.
The Office of Grants and Contracts Accounting is charged with the establishment of sponsored projects in the Chart of Accounts and the accounting records of the Georgia Institute of Technology upon receipt of properly completed GTF Gift Request Form from the Foundation.
Upon receipt of a gift or budgetary allocation, the Georgia Tech Foundation will establish a GTF account number for the funds. GTF will transmit the account number, dollar amount, restricted use of the funds, and any effective or expiration dates for the funds to the Office of Grants and Contracts Accounting, or to GTRI Accounting for awards to GTRI units, using the Gift Transmittal Form. All funds reported on this form will be budgeted in the "Other Memo" category. If specific budget details are required, the budget information should be entered on the second page of the Form (back of the Form) using the spaces provided The authorization should be approved by authorized personnel at the Georgia Tech Foundation.
When gifts and/or awards are received initially by the operating units, a Gift Transmittal Form should be prepared by the unit and forwarded directly to the Foundation with all supporting documentation. Requests received by the Office of Grants and Contracts Accounting without a properly completed Gift Transmittal Form will be forwarded to the Georgia Tech Foundation for action.
The unit responsible for management of the account will be notified by G&C or GTRI Accounting of the GTF Foundation account number, the GIT sponsored project account number and center numbers, which have been assigned to the project. This notification will also identify the available funding (budget), and any restrictions associated with the use of funds that are reported by the Foundation.
Changes in a sponsored account budget will follow the same procedures as those for changes to other sponsored project budgets. GTF will notify G&C or GTRI Accounting of any additions or reductions in funding. Upon completion of processing the required changes, the managing department will be notified of the revised budget.
Sub-Projects that are required by the managing units should be established using Grants and Contracts: Establishing Sub-Projects.