Contracts & Grants
Contracts & Grants
Frequently Asked Questions
What is Contracts and Grants (C&G)?
Contracts and Grants, within Finance and Accounting, is responsible for sponsored financial reporting; invoicing; collecting payments; and project closeout, including transfer of residual amounts.
What is the difference between pre-award and post-award activities?
Pre-award activities include all activities that occur prior to the University accepting a grant award. The pre-award grant process is administered by the Office of Research & Commercialization (ORC). More information can be obtained from ORC website.
Post-award begins when the University accepts a grant award; C&G participates in the post-award grant process.
What is a fixed price award?
A fixed price award is a type of agreement whereby payment is not based on actual cost expended, but upon a mutually agreed upon, predetermined price and payment schedule.
What is a cost reimbursable award?
Cost-reimbursable awards provide for payment of allowable incurred costs to the extent prescribed in the agreement. Requests for cost reimbursements are most likely accomplished through either drawing down funds via letter of credit or invoicing.
What are direct costs?
Direct costs are costs that can be clearly identified to a specific project, for example: direct costs include salaries, supplies, contractual services, equipment, travel and communication.
What are indirect costs?
Indirect costs, also known as overhead, are a facilities and administrative charge. The amount charged is based upon a rate that reflects the University’s negotiated and federally approved rate.
What is my projects' available balance?
Available balance is calculated as follows:
Available Balance = Project Budget – Life to Date Expenditures – Encumbrances
What are MTDC and TDC?
Modified Total Direct Cost (MTDC) is calculated by subtracting the cost of equipment, student tuition, and subcontract costs in excess of the first $25,000 from the project’s total direct costs. Facilities and administrative costs are calculated as a percentage of MTDC.
Total Direct Cost (TDC) is the sum of all clearly identifiable costs related to a specific project such as instructional activity or other institutional activity. General categories of direct costs include, but are not limited to: salaries and wages, fringe benefits, subcontract expenses, equipment, travel expenses, consultant expenses, supplies and student tuition.
When can a project be financially closed and inactivated in the financials?
Projects are closed in UCF Financials when: the project has reached or passed its end date; there are no extensions pending; all valid expenditures have been invoiced; and revenue has been collected.
How can a project have an active status when it was previously closed and inactive?
Inactive projects are sometimes activated to post accumulated depreciation if there is property that has not been transferred. ORC coordinates with the Property Department to transfer the asset.
What documentation needs to be provided to the cost centers after grants have ended so that additional charges are not made?
Each department or institute needs to coordinate with the cost centers when projects have ended. Departments or institutes should have the cost center remove the project from their charge list.
What do I do when payroll charges are made to a project that has ended?
Departments or institutes need to notify the payroll department using the Personnel Action Form (PAF) when employees have been moved to another project or department.
When and how are overhead charges posted to a project in UCF Financials?
A program is run nightly to charge earned overhead on expenditures that have posted to projects.