In Oracle Cloud Grants Management, all of your projects will be designated as either sponsored or non-sponsored projects. Sponsored projects are projects that are funded by awards from sponsors. Non-sponsored projects refer to projects that are not funded by awards, and thus, do not contain an award budget.
With Grants Management, you can manage funds that you receive from sponsors, such as a government agency, company, or nonprofit organization, in order to create an award project. An award project is any sponsored project that is associated with an award. Grants administrators and principal investigators can create awards and sponsored projects in the Awards work area.
It is very common for healthcare, non-profit, government, and higher education organizations to receive grants from sponsors in order to create sponsored projects.
The following steps outline how to create a sponsored project:
In order for a project to be eligible for award association, you will need to ensure that the following statements are true:
To create an award, you can either use the Quick Create Award task, or the Manage Awards page; both of which are found in the Awards work area. When creating an award, you are required to list the award’s project and funding details, in addition to basic award details, such as the legal entity, business unit, and primary sponsor.
The funding details create the award’s base funding using an external funding source and the initial budget period.
On the Manage Awards page, you have the option to either create a new award or use an award template to create an award. If you select to use an award template, or the Quick Create Award task, certain award details, such as certifications and funding sources, will automatically populate on your new award.
Once you have created an award, you will need to use the following tabs on the Edit Award Details page to specify award attributes:
An award needs to have a sponsor and defined budget periods before you can add funding to it. From the Manage Award Funding page, you can select an external or internal funding source.
Funding sources can be internal organizations, such as a university department providing funds for their university; external customers, such as an outside organization providing funds to your company for a particular project; or defined by the user.
A single sponsored project is able to be associated with multiple awards or funding sources within an award.
If you are choosing to use more than one funding source, you will need to allocate an external funding source (the primary sponsor), as well as one internal funding source to the sponsored project. You can also choose to allocate multiple internal funding sources.
When more than one funding source is associated with a sponsored project, it is referred to as a cost share. Sponsors can request cost sharing due to program or statutory regulations.
When using the Quick Create Award task, you can use the Financial tab of the Edit Award Details page to add internal funding sources to an award. To do so, you will need to select the Cost shared by internal sources checkbox and input the internal funding source information in the Internal Funding Sources region. After completing these steps, you will need to select Projects and then choose which sponsored project you want to assign the internal funding source to. You will also need to input the funding source’s fund amount and allocate it to the project.
You also have the option to assign a project only to an internal funding source, but these projects will not have an assigned contract.
If the sponsored project is associated with multiple awards and multiple funding sources, you are able to complete the following actions:
Once a sponsored project is associated with an award, and an award project is created, a grants administrator or principal investigator can perform the following actions to manage the award project:
While grants administrators have access to all awards that are in their business unit, principal investigators only have access to those awards that are assigned to them.
In the Awards work area, a grants department administrator will have access to all of the awards that belong to organizations to which they are assigned, and an award participant will have access to all of their assigned awards.
Once you have created an award and defined attributes, projects, and funds for it, you will need to validate the award in order to successfully capture costs. You can initiate the validation process from the Review Award page. This process makes sure that the award has each of the following aspects:
You can review and fix any issues found during the validation process and then submit the contract for approval. If the validation was successful, the contract is automatically submitted for approval and the award is created.
Still have questions? You can learn more about the actions you can take on sponsored project, non-sponsored projects, and awards with ENGAGE Learn. ENGAGE Learn is Maverick Solutions’ subscription-based training content for enterprise software. It’s fully customizable, comprehensive, and available 24/7/365. If you want to know how Maverick Solutions can fit into your organization’s current or future software implementation projects, speak with one of our training experts today!
The article was written for Oracle release 21C. Due to the nature of Cloud software and updates, this article may no longer be accurate. If you would like access to the most up-to-date version, please reach out to our team to learn more.
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