Procedure for Establishing a Pre-Award Bridge Account

Purpose of the Pre-Award Bridge Account

When a sponsored project award is received and accepted by the college, a unique restricted fund is established to manage revenue and expenditures related to the grant or project contract. In cases where it is necessary to begin spending on a project prior to the college’s receipt of fully executed award documents, a Principal Investigator (PI) may request that a Pre-Award Bridge Account be established. This account leverages allowable, budgeted grant funds within 90 days in advance of their anticipated receipt by the college.

Required Information

Prior to requesting that a Pre-Award Bridge Account be established, all relevant proposal application documentation must be on file in the Office of Sponsored Programs (OSP). This documentation includes:

1. A complete final copy of the proposal and budget that were submitted to the sponsor;
2. A fully executed Proposal Summary/Approval form;
3. Documentation from the sponsor signifying its intent to fund the proposed project.

Establishing an Account

The PI originates the request to establish a Pre-Award Bridge Account. 

1. The PI completes the Pre-Award Bridge Account Request form and attaches relevant documentation, including a Pre-Award budget (see Other Considerations below) and justification of the need to begin the project before funds are received. The signed form should be delivered to OSP, which will circulate it to the relevant dean, Provost/VPAA, and VPAF for review and signatures. Their review includes consideration of the probability of receiving an award and sponsor payment and the college’s potential risk associated with charging expenditures against the anticipated grant. 
2. OSP notifies Administration/Finance and Grant Accounting of the request and verifies availability of guaranteed funds.
3. OSP sets up the new grant in the PeopleSoft system, with a budget reflecting only available and approved funds guaranteed through the Pre-Award Bridge Account.
4. OSP notifies the PI and relevant departments that a Pre-Award Bridge Account has been established and is available for use.

Other Considerations

When OSP receives executed award documents, the full project budget will be set up, and funds expended from the pre-award account will be charged to the grant using the previously-established grant award number. If an award is not received within the 90-day pre-award period, it is the responsibility of the PI and OSP to attempt to obtain the missing award document from the sponsor. Extensions for an additional 90-day period will be granted on a case-by-case basis, with the PI repeating the required process outlined above. If OSP determines the account should be closed due to lack of an award document, lack of income, or other factors, OSP will notify the PI, dean, Provost/VPAA, VPAF, Grant Accounting and Finance that the account is closed. Any remaining funds will be returned to the 
Pre-Award Bridge Account fund overseen by Administration and Finance.

Complete the Pre-Award Bridge Account Request form