Award and Award Project Financial Details

You can specify the key financial attributes of an award using the Financial tab in the Edit Award Details page. Similarly, you can specify the key financial attributes of an award project using the Financial tab in the Manage Award Projects page.

This table describes some financial attributes of an award and award project:

Financial Attributes	Applies to	Description
Currency	Award and award project	The default currency of an award is the contract business unit currency. While creating an award, the Currency field is enabled only if the contract business unit is enabled for multicurrency.
Burden schedule and burden schedule overrides	Award and award project	The default burden schedule for an award comes from the award template, the sponsor, or the business unit implementation options. If needed, you can change the burden schedule that's assigned to an award. You can assign a different burden schedule to an award project and the top task of an award project, if needed. Optionally, at the award project level, you can create a burden schedule that's specific to the award project.
Preaward spending	Award	The preaward date tracks expenditures incurred even before the award is funded.
Expanded authority spending and restricted authority spending	Award	The expanded authority spending is allowed only if the award is authorized to spend across budget periods. You can't clear the Expanded authority check box if budget lines exist for the award project.
Budget periods	Award	A budget period represents the interval of time, usually twelve months, into which the duration of an award is divided into, for budgetary and funding purposes. For example, certain awards have a five-year duration divided into five budget periods.
Funding sources	Award	Funding sources are parties that fund an award. The external sponsor is the primary sponsor of an award. If an award is enabled for cost sharing, then internal sponsors can also fund the activity within the institution.
Organization credits	Award and award project	Organizations receive credits for an award and award project. The default organization for an award is the organization that's associated with an award. You can change or add organizations to an award and provide the credit percentage for each of them. It's important that the total organization credit percentage is 100.

Considerations for Creating or Updating Budget Periods

Here are a few points to keep in mind when creating or updating award budget periods:

• Ensure that budget periods for an award are within the award date range. The start date of the first budget period must align with the start date of an award or contract. If you change the award end date, you must also update the end date of the last budget period.

• Ensure that budget period names are unique and budget periods are contiguous. That means, budget period names must not overlap or have a gap.

• You can edit award start or end date, preaward date, close date, or budget period dates, as long as there are no transactions that will fall outside of the changed dates.