This procedure is to be used to establish a new sponsored project in the accounting records of the Georgia Institute of Technology (GIT) where the Georgia Tech Foundation (GTF) is the sponsoring entity. Business transactions financed by GTF funds are to be processed through GIT in accordance with generally accepted business practices and processes, as provided in these procedures.
Account Establishment
Upon receipt of a gift or budgetary allocation, the Georgia Tech Foundation will establish a GTF account number for the funds. GTF will transmit the account number, initial dollar amount, restricted use of the funds, and any effective or expiration dates for the funds to the Unit and to the Controller’s Office or to GTRI Accounting for awards to GTRI units using the GTF Gift Request Form. All funds reported on this form will be budgeted in the "Other Memo" category. If specific budget details are required, the budget information should be entered on the second page of the Form using the spaces provided.
The Controller's Office and GTRI Accounting are charged with the responsibility of establishing sponsored projects in the GIT Chart of Accounts, the Grants and Contracts accounting system and GTRI accounting subsystems, and the preparation and maintenance of accounting records and financial reports for these accounts. Upon receipt of account information from GTF, the Controller's Office determines the type of account to establish and assigns a sponsored account number and general ledger account center number within the numbers assigned for the unit requesting the account. The account number is then submitted electronically for review and update to the Chart of Accounts. The budget for the project will be established in the "Other Memo" category unless specific information is provided on the second page of the Form in detail.
Unit Notification
The unit responsible for the account and GTF are notified by the Controller's Office or GTRI Accounting of the sponsored account and center numbers, which have been assigned to the project, the available funding (budget), and of any restrictions associated with the use of funds.
Budgetary Changes
Changes in an account budget will follow the same procedures as those for changes to other sponsored project budgets. GTF will notify the Controller's Office or GTRI Accounting of any additions or reductions in funding.
Sub-Projects
Sub-Projects that are required by the managing units should be established using the procedure in: "Establishing Sponsored Sub-Project Numbers".