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Purpose: VMRF's policies and procedures concerning the negotiation, acceptance, management and administration of projects and grants are contained in "SOLICITATION AND ACCEPTANCE OF CONTRACTS AND GRANTS." Those portions applicable to Principal Investigators/Project Directors are summarized below for guidance and compliance:
- Principal Investigators and/or Project Directors are obligated to observe established terms and conditions meticulously. Such obligations include, but are not limited to: (a) expenditures which are not clearly permitted by the terms of a contract or grant shall not be authorized by a principal investigator or project director without consultation with cognizant fiscal and administrative officials and clearance with the funding agency if doubt still exists, (b) the filing of reports by the dates agreed upon, (c) observance of requirements to protect patent rights, and (d) the allowance of adequate lead time on applications for project renewal or extension.
- Once a contract or grant and a subcontract have been executed, the subsequent actions incident to performance of the agreements are ordinarily carried out by the principal investigator, interacting with the VMRF Business office and with the other party to the particular agreement.
- Proper termination of a contract is, of course, of great importance. The VMRF President or his/her designee should be assured that the property aspects of the transaction are clear, and there should be a clear assurance from the principal investigator that VMRF has satisfied its contractual obligations for performance.
- Principal Investigators and Project Directors do not have authority to make (execute) changes or modifications in the terms of contracts or grants unless they have been specifically delegated this authority by a VMRF Official having it himself. They should not attempt to negotiate such changes without the prior knowledge and approval of the VMRF Chief Executive Officer, lest the VMRF risk being accused of bad faith
Application: The person(s) named in an award of a contract or grant accepted by VMRF as the Principal Investigator has primary responsibility for adherence to the terms and conditions of the award and for ensuring that expenditures made are appropriate, allowable, and within budgetary limitation of the contract or grant.
In addition, the Principal Investigator has the responsibility to ensure that all reimbursements for allowable and allocable expenses are submitted to VMRF Accounting with all of the proper documentation within 90 days of the date the expense was incurred. Any reimbursements submitted after 90 days may not be reimbursed
Approved by the VMRF Board of Directors: June 11, 2010
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