Answer to Question #54110 in Accounting for louis
2. Prepare a request for budget revision form to accompany the variance report. Note that the request is due to a new program which had an original incorrect assumption.
If there was made an original assumption based on the respite manager’s undertaking that a new food expense would be year to date $900 with the actual amount spent $2,700 at the 31.3.20XX, then the total budget for March will be $3,600.
2. In order to minimize the administrative burden associated with revised budget requests, most sponsors allow an award recipient flexibility to adapt their award spending patterns to match the changing circumstances of the sponsored project. Proposed revisions in program budgets must be submitted to Sponsored Projects Services (SPS) Post Award SPA for review with respect to the provisions of the applicable contract or grant, to agency directives and regulations, and to general cost principals such as Office of Management and Budget (OMB) Circular 2 CFR Part 200. In the event the proposed re-budgeting action is found to be within the delegated authority of the University of Oregon (UO), the request will be processed and an email notification is sent to the Principal Investigator (PI). The proposed changes and all documentation will be incorporated in the permanent contract and grant record. Expenditures for new budget items will not be allowed until the review and approval process has been completed.
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