WVU+kc Transaction Types

Overview:

When money is received to establish a new award, added to an existing award, or money is decreased from an existing award, a transaction is processed in WVU+kc. The transaction type for an award and the date it was processed are indicated in the upper-right corner of the award notification form (green sheet).

When a new Transaction Type is processed, the green sheet will not display any information in the OSP Version Date field or OSP Version field until a non-monetary related action occurs on the award. There are seven (7) transaction types in WVU+kc.

Transaction Type: New

When all negotiations are complete and the Office of Sponsored Programs receives a signed award notice/contract, OSP will enter an award in the university financial system (MAP) and WVU+kc. When new money is received and an award is established, the transaction type indicated on the green sheet will be New.

Transaction Type: Non-Competing Renewal

When money is received for a second, or subsequent, year of funding from the sponsor without the PI submitting a renewal application, the transaction type indicated on the green sheet will be Non-Competing. A non-competing renewal transaction type is when the recommended funding level was set by the funding agency when the award was made initially.

Transaction Type: Competing Renewal

When money is received for a second, or subsequent, year of funding from the sponsor after the PI has submitted a renewal application, the transaction type indicated on the green sheet will be Competing Renewal. No recommended funding was established when the award was initially made and the PI must reapply to receive funding to continue a project.

Transaction Type: Verbal Approval

Verbal Approval will be the transaction type when a financial account is established in MAP for an award but the official Notice of Grant Award (NGA) has not been received from the sponsor. OSP has received assurance from the sponsor that acknowledges the dollar amount of the award and period of performance. Release of any matching funds and/or the issuance of subcontracts will not take place until official receipt of NGA. Once official NGA is received from the sponsor, an OSP Version (Administrative Amendment) of the award will be created.

Transaction Type: Increase

An Increase transaction type is when the previously-approved funding levels have been increased by the sponsor. A sponsor may approve a proposal but initially only fund a percentage of the budget. Usually, upon receipt of progress report of the work being accomplished, the sponsor will release additional funds. When an increase is made to an award, the new green sheet will only indicate the amount of the increase in the award fields. The explanatory remarks of the green sheet will indicate the total amount for the award. For example: Your initial award of $14,792 has been increased in MAP by $10,000 for a total of $24,792. Because the increase is a new transaction type, the green sheet for the increase will be Version 1 for the new transaction type. To get the complete award history, you will need to refer to both the green sheet issued when the award was New and the Green Sheet issued for the Increase.

Transaction Type: Decrease

A Decrease transaction type will be initiated when previously-approved funding levels for a project have been decreased by the sponsor. Decreases can be made for the Current Fiscal Year or the Past Fiscal Year. The Explanatory Remarks section of the green sheet will indicate the new total for your award. For example, the sponsor has reduced your $50,000 award by $5,000 for a revised total of $45,000.

Transaction Type: Carryover

Carryover will be indicated as the transaction type when a sponsor allows unspent money from one year to be spent in the next year. The green sheet explanatory remarks will explain the amount of carryover. For example, the NGA approves carryover in the amount of $25,733 from the 7/1/2011 - 6/30/2012 budget period for a total authorized budget of $534,711 for the current period of 7/1/2013 - 6/30/2014.

 

Details

Article ID: 72542
Created
Mon 2/25/19 11:00 AM
Modified
Thu 3/26/20 3:51 PM