Wherever direct productive labor hours (DPLH) are required, the DPLH will be derived from the percent of effort multiplied by standard hours: 2080 (Calendar Year or CY)/ 1560 (AY)/ 520 (Summer). Virginia Tech is subject to federal cost accounting standards under the Uniform Guidance ( 2 CFR Part 200). Labor costs are incurred and certified as a percentage-of-effort and not on an hourly basis. Your pre-award associate can assist with budgeting labor in accordance with university policy and procedures. Academic Year (AY) faculty, for example, can be budgeted in two separate line items-one during the nine month academic year and one during the university's 13 week summer-because fringe rates for AY faculty are charged at a different rate during the summer. Depending on a Virginia Tech employee’s appointment type or job classification, percentage of effort can be expressed in a number of ways. The principal investigator should send their pre-award associate a list of project personnel that includes full names and associated percentages of effort that should be charged to the budget. Specific information on effort and effort reporting can be found in the university policy 3105 Effort Reporting and the Effort Reporting FAQ page. Labor is calculated on a percentage of effort basis. The principal investigator must then use the Virginia Tech budget to complete the specific sponsor budget form. Your pre award associate will use the Virginia Tech budget template to prepare the budget. Pre-award associates are available during those times to assist with budget preparation and revision. 5 p.m., except for days the university is officially closed. Pre-award associates are available during office hours to answer questions about a solicitation and to make budget revisions prior to receiving the final proposal. The budget is a vital component of the proposal therefore, the principal investigator should start the budgeting process as early as possible. Approve final budget before submission to the sponsor.Assist principal investigator in creating a budget based on federal, Virginia Tech, and sponsor policies.Submit final budget to your pre-award associate at least 2 business days before proposal is due (see the deadlines chart in OSP 20002 Proposal Submission). Send budget request to your pre award associate in an email or use our Request for Budget Development form.SUMMIT is the university's research administration system and should be used to facilitate and complete the proposal process. For futher information on the proposal process please see the procedure OSP 20002 Proposal Submission. All budgets must be prepared in collaboration with and approved by your pre award associate in the Office of Sponsored Programs (OSP) before being submitted to sponsors. Please note that this template is password-protected to avoid mistakes, such as accidentally deleting formulas however, the password is included in your purchase and you can download it together with the product.Virginia Tech is subject to the uniform administrative requirements, cost principles, and audit requirements for federal awards or Uniform Guidance ( 2 CFR Part 200), as well as commonwealth, university and sponsor guidelines. The best part is that you have more control over your finances with less effort. Want to make an investment or take a vacation? The template can help you budget for it. You can see how decisions might impact taxes, retirement, cash flow, etc. What else makes it different? You input your information and the template produces easy-to-interpret visuals, so you can see your overall financial picture. With this spreadsheet template, you can forecast your personal finances for up to five years in the future. This template was developed to help manage and organize your personal finances in the short, medium and long terms. The Advanced Personal Budget is an Excel Spreadsheet Template different from other products available today.
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