Rebudgeting Requiring Sponsor Approval
The budget is the financial expression of the project or program as approved during the award process. After a sponsored project has been awarded, the PI may determine that the approved budget allocations are not consistent with actual project needs. S/he may request the formal reallocation of funds from one spending category to another that better reflects the project requirements. This process is called Rebudgeting and can be processed through SPA’s Budget Reallocation system.Award terms and conditions should be reviewed to determine rebudgeting authority. Sponsors have various policies and may require prior approval for rebudgeting. When the agreement is silent, PIs should use their best judgment in rebudgeting funds as necessary to meet the requirements of the project.
Documentation Required – For projects requiring prior sponsor approval, all requests must include: (1) a description of how budget revision will impact the scope of work, if at all; and (2) a revised budget.
Approvals Required – (1) Principal Investigator; and (2) Dept. Chair/Unit Head or designee. Sponsor prior approval is required (by definition).