University of Vermont

Sponsored Project Administration - SPA

217 Waterman Building . 85 South Prospect Street . Burlington, Vermont 05405 . (802) 656-3360

Advance Accounts

Advance Account Procedure

Work and incurring costs may not begin on a sponsored project until an Advance Account has been established or the award acceptance process is complete.

Establishing an Advance Account has numerous other benefits, such as,
  • Principal Investigators can begin work on time.
  • Project chartstrings remain the same after the award arrives.
  • Expenses are charged to the appropriate chartstring initially, resulting in fewer cost transfers and less use of department funds.
  • Facilities timely fiscal oversight for the Prinicipal Investigator and Unit Administrator. 
  • Sponsor can be billed immediately once UVM receives a fully-executed award document.
The Principal Investigator or Unit Administrator can initiate an Advance Account by completing and submitting the Advance Account Request Form to your assigned SPA Research Administrator.

Sponsored Project Administratorion will assist with the establishment of an Advance Account upon confirmation that there is reasonsable assurance an award is forthcoming.

It is important to note that the college, school, or administrative unit where the project resides assumes the financial risk if UVM does not receive or accept the award, or if the terms and conditions of the award subsequently deem cetain expenditures unallowable.
Procedure

To initiate an Advance Account Request, please follow the Advance Account Procedure.
Contact SPA

If you have any questions about the process, please contact your assigned SPA Research Administrator.

Last modified April 19 2018 11:27 AM

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