Revising your budget
What should I do if the funding I receive varies from the initial application?
If funding varies from the initial application, revised costing and pricing will need to be provided to RoC to update the costing in the internal systems.
In many instances, the awarded amount will be less than the initial amount you applied for. In such circumstances, it is your responsibility as the the chief/principal investigator to check if the awarded amount is sufficient to carry out the scope of work and deliverables included in the original application.
If required, amendments need to be communicated to the funder to seek alternative arrangements to carry out the project.
Who can help me to revise the budget?
Please contact the Research Support Officer (RSO) from your faculty.
They can assist with budget revision, update the internal project records and seek approval for the budget/fund revision.
What I should do if the funder agreed to provide additional funding?
Please contact the RSO from your faculty. They can organise a variation to the contract and seek approvals to accept the additional funding. They can also assist with budget revision, approval of the variation letter and the Research Project Application Tool.
If the additional funding also requires additional tasks/deliverables, this needs to be communicated to the RSO who will include this information in the variation letter.
What should I do if unspent funds are available after project completion?
The monthly financial statement that is forwarded to you will show the balance in your cost centre. Additionally, you can ask your faculty RSO to provide financial details on the project.
The process for carrying forward unspent funds is governed by your contract/agreement. Most funding agencies, in general, require you to seek written approval from them to carry forward any unspent funds after the project completion/end date. An RSO can assist you in organising the carry forward funds.
For ARC project funds, the end of year reporting requirements are used to complete the carry forward funds process.