Advance Account Set-up

The purpose of advance accounts is to ensure the timely start-up or uninterrupted continuation of extramurally sponsored projects of the University before applicable award documents are executed.

The following criteria must be met in order to establish an advance account:

  • The sponsor gives preliminary notification that an award should be forthcoming, and
  • The advance account is required to meet critical needs which cannot be delayed without impairing project deliverables. 

Procedures

 

 
The Request for Advance Fund Account Approval form requires the signatures of the Principal Investigator (PI), Department Chair,  Fiscal Administrator (FA) and Chancellor/Dean/Director.  Once the necessary signatures are obtained, the advance account request is submitted via the FA to ORS Accounting.  The advance amount requested is determined by the department/unit.  With required approvals, advance-funding accounts can be approved for a period of three months.
 
The PI’s department/school bears the ultimate financial risk associated with expenses incurred in the advance-funding period that are not subsequently covered by the award.   

Note:

  • No activities that require research compliance protocol approval may take place unless proper approvals are received.
  • Effective August 2010, an account cannot be opened for awards that require “payment upon execution” until the initial payment is received.  This applies to awards with private and non-profit agency sponsors.  Advance accounts may be requested for these awards until the initial payment is received.