Account Establishment | Troy University

Account Establishment

Account Establishment

After a fully executed contract or grant award notification has been received, the Office of Sponsored Programs (OSP) forwards a budget request and a fully signed copy of the contract or grant award agreement to Sponsored Program Accounting (SPA).  Because Sponsored Programs Accounting and the Project Director/Principal Investigator are responsible for all financial reporting, OSP assembles a packet of materials that includes the following:

  • A Memorandum outlining the University accounts for the grant or contract project
  • Copy of award documents (for the reference file in Sponsored Programs Accounting) These documents usually contain information that Sponsored Programs Accounting will need for billing and/or financial reporting.
  • Documentation of cost sharing  Cost sharing quantified in the proposal must be documented when the award is received. The personnel activity reporting procedures provide the documentation for contributed time and salaries. For other funds contributed from a Troy source or from external sources, a matching account will be established, and those funds will be moved into that account. For in-kind contributions from non-Troy sources, the contributor will be asked to provide written confirmation of the contribution and the value of the contribution.

Account Assignment and Notification

The Office of Sponsored Program Accounting assigns the restricted account number,  match number (if applicable) and the budget breakdown including position numbers tied to the account.

The restricted account memo is sent by email to the following: Project Director/Principal Investigator, Dean/Chair/Director, Sponsored Programs, and the applicable Senior Vice Chancellor. Once the project accounts are established, Sponsored Program Accounting schedules a meeting with the Project Director/Principal Investigator to discuss the financial management of the partnership.

Accounting Reports

Account managers are provided Datatel access to project accounts. Managers should work with the designated accountant to secure access to these accounts.

The Project Director/Principal Investigator (PI) is responsible for maintaining accurate budget expenditures and budget revisions to insure the account is not overspent.