Carryover is forwarding the unobligated balance of funds from the current budget period that has expired to the next budget period. There are two types of Carryover. Award specific conditions will define whether carryover is automatic or restricted.
When funds carry from one budget period to the next without the Sponsor providing explicit Prior Approval. For those awards that allow automatic carryover the UF project number or numbers established for spending the awarded funds will remain the same for the life of the project.
Note: Many grant progress reports, for example the NIH RPPR progress reports, require reporting estimated unobligated balance that are expected to be greater than 25 percent of the current year’s budget and if yes, an explanation and expenditure plan for those funds will need to be included in the progress report.
For those awards that do not allow carryover of unobligated funds from one budget period to the next without sponsor prior approval, UF requires each budget period to be separately accounted for by establishing a new project number or numbers for each period.
Note: Establishment of a new project numbers each year allows C&G Accounting to issue a financial report which identifies expenditures and determines the unobligated balance that will require sponsor approval to carryover.
If you have questions regarding carryover of unobligated funds from one budget period to the next, then please contact your assigned C&G Grant Accountant or DSP at firstname.lastname@example.org.