Get Budget Revision Form (fy12) - Slu

For instance, a budget revision is needed when a project has a change in scope. This occurs when the grant recipient wants to change the objectives or purposes identified in the approved application.

A Budget Revision (BR) moves budget authority (expenditure, revenue or both) between allocations, NCHEMS, funds, orgs, accounts, program codes or any combination of these. The net effect of any budget revision is to increase budget authority in one accounting location while decreasing it in another.

It's wise to reevaluate your budget if you have new financial goals, your income or expenses have changed, or you've been hit with surprise costs. It's also good practice to check in on your budget regularly to ensure that your spending and income are aligned.

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 Revision Procedure: Occasionally, a project's financial resources need to be reallocated due to the nature and progress of the research. For example, a piece of equipment may become unnecessary, while another expense becomes necessary, or the scope of the project might change due to unforeseen circumstances.

A budget revision occurs when a Section 1115 grant recipient requests to move funds between direct-cost categories in an approved budget. A written request for budget revision approval should be directed to the ACF Office of Grants Management within 30 days of the proposed change.