Once the University receives a fully executed contract or award letter, SPFAC will set up a restricted account (prefix "R") for your funded project. You will be notified by e-mail of your account number. Funds in this account are restricted solely for items in the budget of your funded project.
In certain situations, you may have a legitimate need to make a grant-related expenditure before a fully executed contract has been received. In this case, you may request an Advance Account. This will be approved by SPFAC on a limited basis.
To initiate the process, submit a Pre Award Advance Account form to your Post Award Grants Specialist. You must provide an adequate justification for the need of the Advance Account. Since the University takes a risk in opening this account, also include an account number to charge the advance expenses to in case your project is not funded. SPFAC will review your request to determine that there is adequate assurance from the sponsor that the award will be made and the requested expenses are budgeted.
SPFAC can approve an Advance Account up to $10,000. If the request exceeds $10,000, it will be forwarded to the Vice President for Research and the Vice President for Administration and Finance for a determination whether the Advance Account can be established.