Opening and Closing a University Account

Upon receiving official notification that funding has been secured, SR will secure a university account with line item budget categories matching the budget approved by the granting agency. SR will inform appropriate members of the University community, via an award letter, that an account has been activated and provide the name of the authorized signer(s), usually the principal investigator(s), on this account.

The beginning and ending dates of the grant will be included in the award letter. Charges may be made to the account only during the period specified. Frequently agencies permit the PI to request extensions or provide continuations. If an extension is approved, the closing dates will be altered accordingly.

SR will close the account on the date specified in the award. Once done no charges can be incurred by the PI. If funds remain, unless otherwise permitted by the granting agency, they will be returned to the agency. If the account is overdrawn, the PI is responsible for securing funds to make up any deficits.