The Budget Office oversees budget development and periodic budget performance reporting for all college divisions. The Budget Office prepares the annual budget, fulfills internal and external budgeting reporting requirements, processes budget transfers and funding requests for new programs and new initiatives, reviews and monitors budget requests and provides financial analysis for the College. The Budget Office staff strive to provide excellent customer service while assuring the highest fiduciary standards are met.
- Our Services
- Operating Budget
Support NOVA’s strategic planning and budget process through participation in deliberations of committees and hearing panels, presentation of essential budget data, and preparation of various analyses and reports.
Budget Development, Implementation and Monitoring
Develop annual, long-range budgets for approval; provide a link between NOVA’s strategic plan and resource allocations; partner with constituents and NOVA’s Senior Leadership and Managers to ensure best practices in budget and financial management.
Allocate NOVA’s personnel resources and align positions so they are consistent with the organization’s current mission and staff resources approved by the budget process.
Provide overall post-award management of sponsored programs to ensure that projects adhere to the funding source’s guidelines (ex. progress reporting requirements, financial reporting requirements and expenditure restrictions) and that financial compliance is met. The post-award grant accountants work closely with the principal investigator/program director to provide fiscal oversight and management of awards throughout the lifecycle of each grant, contract or cooperative agreement and assist with all financial aspects of the grant including, but not limited to, assigning fund codes, entering budgets and monitoring grant expenditures for compliance with sponsor requirements, Commonwealth policies, federal regulations and relevant laws.
- Operating Budget
Uniform Guidance of Grants/Contracts Management
On December 26, 2013, the Office of Management and Budget (OMB) issued the “Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards," hereafter referred to as “the Uniform Guidance.” This guidance consolidates, streamlines and supersedes eight prior existing OMB Circulars, including Circulars A-21, A-110 and A-133 which provided guidance on cost principles, administrative and audit requirements for federal grantees. The new guidance affects all federal grants and contracts issued on or after December 26, 2014, and other selected programs issued prior to December 26 at the agency’s discretion. If an award was issued prior to December 26 and the agency includes it in the new Uniform Guidance, the agency should issue a revised Notice of Award indicating the change in requirements.
In order to implement the new guidance, NOVA has set up a committee to review the guidance against existing policies and practices and harmonize the Uniform Guidance NOVA-wide. Representatives from the Office of Grants Development, Office of Finance and other selected individuals active in federal grants are coordinating implementation of the Uniform Guidance. The goals of the committee are to: 1.) change existing policies to comply with the new requirements, 2.) inform the NOVA community about the changes and 3.) work to educate faculty and staff about changes that will affect their work on federal grants and contracts. This Web page is intended to provide early implementation of the new policies in addition to information and updates on the Uniform Guidance and will continue to be updated as new material becomes available.
Navigating the Uniform Guidance
For ease of navigation, the Uniform Guidance is broken down into its following subparts:
- Preamble - Major Policy Reforms
- Subpart A (200.0 - 200.99) – Acronyms & Definitions
- Subpart B (200.100 - 200.113) – General Provisions
- Subpart C (200.200 - 200.211) – Pre-Award Requirements
- Subpart D (200.300 - 200.345) – Post-Award Requirements
- Subpart E (200.400 - 200.475) – Cost Principles
- Subpart F (200.500 - 200.521) – Audit Requirements
- Includes Appendices I-XI - Subpart F will apply to audits of fiscal years beginning on or after December 26, 2014
- Development of Grants Proposal Under the Uniform Guidance
- Costs/Activities Requiring Prior Written Approval
- Allowable and Unallowable Costs Reference Guide
- NOVA Facilities & Administrative Cost Rate
Resources From Federal Agencies
- COFAR Webinar on Uniform Guidance Implementation - 10/2/2014
- FAQ for OMB's Uniform Guidance - updated July 2017
- The Council on Financial Assistance Reform (COFAR) - this site contains FAQ, webinars and side-by-side crosswalks
- Federal Register - Final Guidance -Uniform Administrative Requirements, Cost Principles & Audit Requirements for Federal Awards - this is the full, final guidance issued by the Office of Management and Budget (OMB) on 12/26/13
- Federal contracts, as opposed to Federal grants and cooperative agreements, are subject to the Federal Acquisition Regulation (FAR) in addition to the Uniform Guidance. However, carefully read the FAQ for 200.101, "Applicability of Uniform Guidance to FAR-based contracts."
FAR as a Reference:
- OMB Circulars Effective Until 12/26/2014:
- A-21 - Cost Principles for Educational Institutions
- A-110 - Uniform Administrative Requirements for Grants and Agreements with Institutions of High Education, Hospitals and Other Non-Profit Organizations
- A-133 - Audits of States, Local Governments and Non-Profit Organizations, plus the A-133 Compliance Supplement 2014
- Subrecipient vs. Contractor Guidelines
- Other Guidelines