Project/Grants without departments

Higher Education Grants Gurus,

Due to various reasons we are evaluating a recommended
scenario where:

1. Award/Grants modules
        associate projects with departments
2. However, project
        transactions are not forced to have department as part of the chartfield
        string
3. F&A calculations are
        pushed to a central or core group od departments
4. Project budgets and
        budget checking do not require departments

Has anyone tried this scenario? If so, what has been your
experience? If you have not tried this out but have any comments about it or
any potential pros & cons, we’d love to hear them too!

Thanks!