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Preaward budget/expense Management

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edited Apr 23, 2021 3:24PM in Project Management 2 comments

Summary

Preaward budget/expense Management

Content

Dear Experts, What is the best practice which you are following to manage the preaward expenses and corresponding budget.

Problem Statement: My client performs preaward activities which are generally paid by the university untill the award is granted.  We have created a sponsored project to capture this activity but since there is no award, we couldn't able to create a budget against this sponsored project.

-> For the conversion process, we had no issue as we have converted all the existing awards by putting the preaward date.

-> For the new preawards, I am looking for best practice to create a project/budget/ incur expenses till the decision on the grant approval is received. It's possible that the grant may not be approved and the expenses are owned by the university. If the grant is approved then there may not be any issues as we can create the award with the appropriate preaward date.

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