Managing Budget
Managing Budget | Budget Adjustments | Cost Transfers | No Cost Extensions
Managing Budget
Periodically the Controller’s Office sends a reminder and link to the award Budget to Actual report showing spending to date in Workday Finance. As an award approaches the closeout period 90 days to its end date, Budget to Actual reminders will be issued monthly.
PIs are also granted access to view on demand up to date reporting on grant use versus budget for their award(s) in Workday Finance. A PI may also approve grant staff access to view spending on their award as well, please contact Laura Pilgrim to extend access.
Budget Adjustments
As grant projects progress, there may be budgetary shifts required to meet unforeseen changes in expense needs. Budget adjustments require approval in advance of overspending budget line items. To initiate this process, reach out to Laura Pilgrim to document budget changes in a Budget Adjustment Form. Note, some budget line items are unable to be reallocated without prior approval from the granting agency and additional approval outside of Bowdoin is required. All budget adjustments must adhere to the Grant Budget Adjustment Policy.
Once approved, budget adjustments will be entered into in Workday Finance where the PI can access a Budget History report on demand, reflecting all revisions made to an award budget.
Cost Transfers
Cost transfers are requests to transfer charges to a federal grant when the original charge was made to a different College funding source. Transferring charges from a different source onto a grant comes with higher risk for federal compliance and must adhere to the College Cost Transfer Policy. Note, the Cost Transfer Policy does not apply to private grants, state-funded awards, interdepartmental charges or approved pre-award expenditures.
For any expenses that were previously charged to a different source for more than 90 days, the Cost Transfer Request Form must be submitted to document justification of allowability, allocability, reasoning as to why the cost transfer was not submitted in a timely fashion and explanation of measures put in place to prevent similar cost transfers in the future.
No Cost Extensions
If you are unable to complete your project with the original budget within the approved duration, please reach out to Cara Martin-Tetreault to learn more about the possibility of a no cost extension request.
You should be prepared to justify the need for a no cost extension and use of the remaining budget within the extension period. Please contact Laura Pilgrim should a budget adjustment be necessary to align with the spending of your no cost extension period.