Receipt of Award
8.2 Receipt of Award
BU requires that all sponsored awards be reviewed and accepted by OSP on behalf of the University. Important points to be considered in a notice of award are the following:
- Period of Performance: in addition to noting the total period of performance, different sponsors may distinguish a current authorized funding period within the total period of performance.
- Name of Key Personnel: The PI/PD is responsible for conducting the project in accordance with University policies and sponsor requirements. However, other named key personnel may carry additional reporting and training requirements.
- Dollars Committed and/or Obligated. Not all project funds may be released at the beginning of the project but may be obligated incrementally. The sponsor is not legally bound to pay dollars not yet obligated.
- Future Year Commitments: These funds are contingent on their availability and on satisfactory progress on the project. These amounts are to be used for planning purposes only.
- Cost-sharing: If the sponsor requires the University to contribute its own resources to the project (i.e., mandatory cost-sharing) the requirement is included as a condition of the award. The University is responsible for documenting committed cost-sharing and reporting it to the sponsor.
- Accounting and Reporting Obligations: Virtually all awards require technical and financial reports. Most awards also require invention and property reports.
- Deliverables: Under some contracts, the University must deliver specified work products to the sponsor.
- Payment to University: Awards specify how the University will be funded or reimbursed by the sponsor.
- Special Terms and Conditions: The award may have additional terms and conditions that may specify limitations on availability or use of funds, need for prior approvals, and similar oversight by the awarding agency. It is critical to understand these restrictions before incurring costs. Both the PI/PD and the responsible business office must take note of these conditions.