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Changes to Office of Sponsored Programs Virginia Tech Foundation Funds

The Office of Sponsored Programs is working with the Virginia Tech Foundation to streamline the processes used in managing Office of Sponsored Programs Virginia Tech Foundation funds. The revised process for establishing new funds and adding supplemental funding is described below. This new process is effective May 1, 2021. The revised process for changing the project end dates for all non-billable Virginia Tech Foundation funds is described under No. 2. 

  1. A revised Attachment A form should be used for the establishment of a new Office of Sponsored Programs Virginia Tech Foundation fund. Researchers will receive a Project Authorization Notice with the new fund number and a zero-dollar budget.
  2. Only the start date is needed on the Attachment A form. Currently, all the funds are set to end on June 30, 2025. As this date nears, an automatic batch process will run to extend the end date to June 30, 2030 since these funds have no required end date. If the fund needs to be terminated prior to the end date, send the post award associate an email requesting termination.
  3. The Office of Sponsored Programs has set up a new Banner Account Code 198 - Virginia Tech Foundation Budget. Starting on May 1, 2021, budget increases will be entered under this budget account code; there is no need for a budget breakout by categories for the purposes of the Office of Sponsored Programs. However, expenses can be incurred on all budget categories, as these funds have no budget restrictions.
  4. Once a new fund is set up, sign in to the Virginia Tech Foundation and search for the Request for Payment online submission to process a transfer of funds from the Virginia Tech Foundation fund to the Office of Sponsored Programs Virginia Tech Foundation fund. The Request for Payment online submission portal can be found here
  5. When submitting the online Request for Payment, the Office of Sponsored Programs fund number must be identified by including the phrase “Transfer to Office of Sponsored Programs fund 4*****”. The total amount of the transfer to the Office of Sponsored Programs must also be broken down into two categories for coding purposes for the foundation. The portion of the amount which is related to salaries, wages, and fringes should be identified as well as the amount which is related to any other types of expenditures. These items should be included as part of the “Business Purpose” field. 
  6. The “Vendor Name and Address” field of the Request for Payment should list the Office of Sponsored Programs.  
  7. There is no need to submit an Attachment A for adding funds to already existing funds. Departments will send the foundation a Request for Payment using the online submission portal
  8. Once the office receives the funds from the foundation, the revenue will be entered in Banner. Weekly, an automatic batch process will run and automatically increase or decrease the budget to equal the revenue received. Currently, the budget increase/decrease process is scheduled to run once a week, every Thursday morning.
  9. On Thursday, budget changes will be reflected. No Project Authorization Notice or email notification will be sent for budget changes. As these funds are managed by the department and the fund request is initiated by the department, researchers will know which funds need to have a budget increase. Please use either the Post Award Management System or Banner to verify the budget.
  10. At times, at the request of the departments, revenue is transferred between Office of Sponsored Programs Virginia Tech Foundation funds. The office will process a journal entry to record the transfer of funds. In this case, the weekly batch process will reduce the budget from the fund that is being debited and add budget to the fund that is being credited.

The Office of Sponsored Programs has revised the Office of Sponsored Programs 30003 Virginia Tech Foundation Funds Handling procedure.

Changes to Residual Funds

The Office of Sponsored Programs is making changes to how residual funds are managed. Currently, all residual funds are set to end on June 30, 2025. As this date nears, a batch process will be run to extend the project end date to June 30, 2030.

The streamlined process of establishing new Residual funds, effective May 1, 2021, is outlined below:

  1. Complete the residual transfer request form as usual and indicate if a new Residual fund needs to be set up. 
  2. If a new Residual fund is requested, the Office of Sponsored Programs will set up the fund with a zero-dollar budget and send a Project Authorization Notice notification with the fund number.
  3. The Office of Sponsored Programs will process the residual transfer journal entry.
  4. The Office of Sponsored Programs has set up a new Banner Account Code 197 - Residual Fund Budget. Starting on May 1, 2021, budget increases will be entered under this budget account code instead of under 130 – Supplies and Materials Budget. However, expenses can be incurred on all budget categories as these funds have no budget restrictions.
  5. The revenue will be entered in Banner. Weekly, an automatic batch process will run and automatically increase or decrease the budget to equal the revenue received. Currently, the office is scheduling the budget increase/decrease process to run once a week, every Friday night. 
  6. On Monday, budget changes will be relfected. There will be no Project Authorization Notice or email notification sent for the budget changes. As these funds are managed by the department and the fund request is initiated by the department, researchers will know which funds need to have a budget increase. Use the Post Award Management System or Banner to verify the budget.
     

If you have any questions please contact your Office of Sponsored Programs Post Award Associate assigned to the fund.