Advance accounts are “at risk” accounts that provide Principal Investigators (PIs) with an opportunity to initiate sponsored projects and begin incurring associated expenses prior to institutional acceptance of the award by the OVPR Pre-Award office. Advance accounts allow PIs and their administrators to record and track expenditures and eliminate the need to charge other unrelated accounts.
To request an advance account, a completed Request for Advance Account signed by the Executive Administrative Dean (EAD) or their designate must be submitted to Pre-Award point of contact. The request should be prepared for the three-month period with the budget calculated to that timeframe. If a fully executed award agreement is not in place at the end of three months, an additional request may be submitted to extend the end date of the Advance Account and/or to request any increases to the initial budget.
The request should be accompanied by documentation that supports a reasonable belief that funding for the project is forthcoming. In requesting and accepting the advance account on behalf of a PI, the department or school/center assumes the financial risk in the event the award is not made, not accepted, or if the terms of the award deem certain expenditures to be unallowable. The Pre-Award office with use its best efforts to finalize the award, but cannot guarantee a successful outcome of any award negotiation.
Using Advance Accounts
Advance accounts should be used prudently. Costs incurred and charged to the account should be:
Within the project period
In accordance with applicable regulations, for g., OMB Uniform Guidance 2 CFR 200, PHS Grants Policy Statement, sponsor specific regulations
Depending on the sponsor, have been included in the approved budget.
Any expenditure incurred while an account is in advance status is made at the department’s or school’s/center’s risk.
Removing an Account from Advance Status
Upon acceptance of the award by the University, the account will be removed from advance status by the Post-Award office. The department/school/center is responsible for removing expenditures from the advance account if the award is not made, not accepted, or if the terms of the award deem expenditures to be unallowable. If expenditures are not removed from the advance account within 30 days of written request of their removal, Post-Award will transfer the expenditures to the designated account provided by the department/school/center at the time the advance account was established.