FREQUENTLY ASKED QUESTIONS OF GRANTS ACCOUNTING
What percentage rate do I use when budgeting for benefits?
Because the amount of benefit dollars varies by employee, the following estimates are used when preparing a benefit budget:
- Full time employees (board approved positions) - 25% of salary
- Part time employees - 11% of salary
When to use an Administrative Acceptance Form vs a Board Action Item?
An Administrative Acceptance Form is used for funding less than $100,000. For funding greater than $100,000, a Governing Board Action Item must be completed.
What do I do if something was coded incorrectly?
You should notify your Grants accountant. The accountant will need to do a correcting transfer, and needs documentation to complete the entry. Send an e-mail stating what happened, and also include the following information:
What is Indirect Cost? And do I have to calculate indirect cost ?
Indirect costs are those costs that are incurred for common objectives and therefore cannot be identified specifically with a particular program or activity.
No, you do not have to calculate indirect costs as that calculation is taken care of by your grants accountant.
Also see Indirect Cost .
What if I need to buy something that is not in my budget?
Call or e-mail your Grants accountant. Some granting entities will allow you to spend outside your original line item budget; others require prior approval. Your Grants accountant can tell you the program guidelines for your granting entity, and will work with you if prior approval needs to be obtained.
What if I overspend?
Your budget is only approved for the amount funded per your signed contract or agreement. Any overage will need to be moved to a college account.
How do I know how much I've spent? And how much is available?
You have several options for reviewing your account information. Your account balance and activity is available in CFS under the GL Inquiry: Funds function, on the web in Web Financials, or you can request a printed RE016 report from your grant accountant or campus fiscal office.
Does Maricopa need to be in receipt of the grantors funds before I can spend?
No. However, in order to spend funds you must have a restricted fund account established for your grant program. In order to do this you need to submit either an administrative acceptance of grant form (grants under $100,000) or a Governing Board action item (grants over $100,000) along with a copy of the award notification from the funding agency. As soon as our office receives the completed forms we will notify you of your account number and you can begin spending.
Do all Fund 3 requisitions need Grants approval?
No. We only need to review requisitions over $5,000.
What is the difference between cash match and in-kind dollars?
Cash match is actual cash outlays from the Institution's operations budget to support the program. In-kind match is non-cash contributions provided by either the Institution or a third party in support of the program. More detail on match is available in the cost sharing section of the website.
Do all externally funded programs go through Grants Accounting?
Yes. This ensures you will have a restricted fund (Fund 3) account set up for your program, so spending can begin.
How do I know what grants are available and how do I apply for them?
The Grants and Corporate Development website has a link to various funding opportunities that are available (www.Maricopa.edu/resdev/grants/fund_opp.php ). The information is broken out by topic or by funding source to help in your search. Each funding source will have specifics as to what is required when applying for their funds. Each website will include the information needed to complete the application process. Please work with the Grants and Corporate Development Office when applying for grants.
Do I have to monitor my account?
Yes, the Project Director is responsible for managing both the financial and programmatic aspects of the project.
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