Budget Revisions may be necessary if the current planned expenditures differ from the original or most recent budget approved by the sponsor. Reasons for revising a budget include increases (or decreases) in funding amounts or to reallocate budgeted funds between cost categories within a project. Budget revisions may require sponsor approval.
UMaine classifies budget revisions into two categories depending on the reason for revising a budget: Budget Modification and Budget Reallocation.
Budget Modification: Whenever a project budget is increased (or decreased) through an amendment or modification of an existing award, ORA uses the ORA budget spreadsheet to build a budget that has a new revised total. Multiple year awards will usually have the following year budgets already prepared at the submission stage on projects that a sponsor incrementally funds. However, in order to modify a budget that is already in the system, please consult an ORA award management staff member.
Budget Reallocation: To reallocate budgeted funds between cost categories within a project without changing the total amount budgeted, use the Budget Reallocation Form.
This form has special instructions noted within it. Basically, it will ask that you enter the current budget as seen in GL before the changes. Then, enter the changes by increasing or decreasing budget categories. You may introduce new budget categories currently not listed in your project. Please see a list of available account codes listed in the account code definitions tab at the bottom of the excel form. Please note that increasing or decreasing certain budget lines may necessitate a change in the F&A budget. The form will automatically calculate what that change is. The change will be reflected in the red box on the form. Whatever value is in the red box must be entered as an adjustment amount as one of your changes. In order for a successful budget revision, all changes (sum of all increases and decreases) must net out to zero.
- Budget Reallocation Form
- Guidance on when to process a budget revision
- Guidance on why a budget is revised
- PeopleSoft Commonly Used Project Account Codes
University of Maine Administrative Practice Letters: