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:

  • PIs 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 by the PI and Unit Administrator.
  • Sponsor can be billed immediately once UVM receives a fully-executed award document.

PIs or their Unit Administrator can initiate an Advance Account by completing and submitting the Advance Account Request Form and submit to spa@uvm.edu. The request will be assigned to an Award Acceptance Officer who will complete the request from start to finish.

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 certain expenditures unallowable.

 

Procedure

To initiate an Advance Account Request, please follow the Advance Account Procedure (PDF).