Contract Fund Adjustment (GM40.1)

Defining Grant Deliverable Codes (GM02.1)

Use Contract Fund Adjustments (GM40.1) to enter funding adjustments (Increases or decreases in funding) by contract and grant/non-grant fund. By entering adjustments on GM40.1 users will keep an audit log of funding adjustments. Adjustment entered on GM40.1 will record the date, time, reason, amount, individual responsible for entering the adjustment and the individual who approved the adjustment. Once adjustments are approved, funding budgets are kept in synch (GM40.1 will update the funding amounts on GM20).

Contracts can be incrementally funded. Specifically, grant funding may occur annually. Use Contract Fund Adjustments (GM40.1) to enter annual funding or adjustments to grant and non-grant contract funding amounts.

Use Contract Fund Adjustments (GM40.1) to approve fund adjustments. Contract Fund Adjustments must be approved before changes are reflected on the Contract and Grant.

If the revenue recognition flag on the GM system code on GM01.7 is set to C - Modified Accrual or Cash Application, the Approve Function will also create the required journal entries in GL and AC for internal funding or non-grant funds. There are several programs available in GL to verify the GL journal entries created via the Approve Function. Use Journal Analysis (GL41.1) or Journal Control (GL45.1) to view journal entries.

To Adjust contract funds

  1. Access Contract Fund Adjustment (GM40.1)
  2. Select a Contract. Select the following in the header row:
    Grant/Fund

    Select the Grant/Fund. This is the grant or non-grant fund code or identifier. Grants are funds disbursed by one party (grantor) often a government department or agency to a recipient (grantee). Most grants are made to fund a specific project and require some level of compliance and reporting. Non-grant funds are internal or local funding the grantee contributes towards the project.

    Adjustment Number

    Type an adjustment number. Adjustment numbers are user defined identification numbers for the adjustment.

    Adjustment Description

    Type an adjustment description. Use the description field and reason codes to type or select the reason for the adjustment. If more text is required use the comments attachment feature to document the reason for the fund adjustment.

    Reason Code

    Select a reason code for the adjustment. Reason codes are defined via GM Codes (GM02) using the type = AJ - Adjustment Reason Code.

  3. Complete the form. Use the following guidelines to enter field values:
    Status

    Display only. Adjustment status. Valid values include U - Unapproved and A - Approved.

    Adjust Date

    Display only. This is the date of the adjustment.

    Adjust Time

    Display only. This is the time of the adjustment. Allows the ability to enter more than one adjustment per date for the contract and grant/non-grant fund.

    Created by

    Display only. Stores the user ID of the individual who create the adjustment.

    Approved by

    Display only Stores the user ID for the individual who approved the adjustment.

    Approved Date

    Displays adjustment approval date.

    Previous Amount

    Displays previous fund amount.

    Adjustment Amount

    Type the amount of the adjustment.

    New Amount

    Displays the new fund amount.

  4. Click Change.
  5. Click Approve to update adjustment amount to contract.