Update Control Budget Dates with Award Dates for Sponsored Projects
Update dates of the award, including award budget period dates, to ensure compliance with federal regulations when you receive modifications from sponsors.
You can advance or postpone the start or end date of the award to update the control budget and contract and ensure cost control. The contract is automatically updated if it has only one child entity such as a contract line or sales credit. If a contract has more than one child, change the dates manually for the contract and children.
Follow these steps:
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In the Awards work area, click Manage Awards in the panel drawer.
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Search the award you want to edit.
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Click Edit.
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In the Edit Award Details page, click the Financials tab.
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Click the Edit icon in the Budget Period region and edit the budget period dates as appropriate in the Edit Budget Periods dialog box.
Note: If you edit the start and end dates, the dates on the contract are updated if the contract has only one child entity. If you edit the start date, the minimum award budget period start date is updated automatically and vice versa. If you edit the end date, the maximum award budget period end date is updated automatically and vice versa. - Enter the reason for editing the award and provide details of the changes that you made in the Contract Version Description field.
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Click Submit.
Validations are performed to ensure that existing transactions remain within the revised dates and period boundaries. Once confirmed, the application updates:
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The contract with the new start date or end date.
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Any current working version of the budget with the new dates.
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The control budget with new dates and period information.
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Navigate to the Project Financial Management work area.
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On the Manage Financial Project Settings page, review and update the project start date and finish date.
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On the Manage Financial Project Plan page, review and update the task start date and end date.
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Edit the budget amounts in the Manage Project Budget page and set the budget to baseline.
On baseline, the updated budget amounts are sent to Budgetary Control. Costs can be recorded and controlled for the changed project, task, or award duration.