Today’s SPA News is focused on Advance Accounts at UVM. Here are a few refreshers about why Advance Accounts are a useful tool and how to go about requesting one:
Why Should I Establish an Advance Account?
In cases where the award has not been received, but the PI has received notice that an award is forthcoming, establishing an advance account can accomplish the following:
- Project work can begin
- Project chart string can be established prior to award acceptance and will remain the same after the award arrives
- Expenses are charged to the appropriate chart string initially, resulting in fewer cost transfers and less use of departmental suspense.
- Facilitates timely fiscal oversight for the Principal Investigator and Unit Administrator.
How to Request an Advance Account
- The Department Administrator or Principal Investigator listed on the Funding Proposal record must complete the Advance Account Request Form.
- Advance Accounts should be submitted through the Funding Proposal "Request Advance Account" activity in the menu on the left side. If this activity is not visible to you in UVMClick, email your submission directly to [log in to unmask]. Step by step instructions are detailed in our process document, which can also be accessed on our website at the following link: Request an Advance Account.
- To ensure smooth and seamless processing, please submit an Award Data Collection form with your advance account to provide SPA with the detailed information needed to complete your advance account.
Important Reminder: The college, school, or administrative unit where the project resides assumes the financial risk if UVM does not receive or accept the award or if the terms and conditions of the award subsequently deem certain expenditures unallowable.
If you have specific questions about Advance Accounts, reach out to the SPA Administrator assigned to your record in UVMClick or if it’s not yet been submitted or entered feel free to reach out to [log in to unmask].
Emily Trantum, MPA | pronouns: she/her
Assistant Director | Team Lead | Signing Official
Award Acceptance | Set-up | Outgoing Subawards
University of Vermont
Sponsored Project Administration
217 Waterman | 85 South Prospect Street
Burlington, VT 05405-0160
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