Reallocation of Funds Policy

Purpose

This policy defines Volt-Age's approach to potential modifications to the budget of an approved project. Volt-Age sets parameters to support the effective use of project funds while ensuring accountability and the appropriate use of CFREF funds.

Policy

Project funds are awarded based on the budget submitted in the application for funding and the approved budget as outlined in the original approved grant budget. Project funds may only be spent on items and activities as described in the approved grant budget.

Volt-Age will consider reallocation of approved project funds only when they directly support the original approved objectives and expectations of the project, and that there is a justification for the reallocation.

Volt-Age will not consider reallocation of project funds to general operating costs or costs not directly related to the approved project; items or activities beyond or separate to the project’s approved scope of work; items or activities ineligible for Volt-Age funding as per the Tri agency guide on financial administration and the CFREF Administration Guide.

Reallocation of funds within Approved Budget

1. Subject to the foregoing, Principal Investigators (PIs) may reallocate funds within each budget category, without prior approval from Volt-Age. Reallocation must be for approved budget lines within each budget category. The PI must report any budget reallocation within a budget category in their next progress and/or final report. A record of the original budget and reallocations will be maintained by Volt-Age for audit purposes.
2. PIs wishing to reallocate funds between budget categories for their Volt-Age sponsored projects require the prior written approval of Volt-Age.
   Requests for reallocation of funds between budget categories must be submitted by the PI to Volt-Age in writing (volt-age@concordia.ca) for approval prior to making any changes. The submission must include the original approved budget and the proposed new budget along with a summary and justification of changes. Volt-Age will acknowledge receipt within 2 business days and will aim to respond to all principal investigator requests related to reallocation of funds within 15 business days of receipt.
3. For reallocations of less than 20% of the total budget up to a total amount of $100,000 (cumulative over the total grant and duration of award), Volt-Age senior administration is responsible for assessing the request and providing approval to the PI as well as informing financial and related services. Volt-Age reserves the right to seek approval from the Executive Committee, if it is deemed necessary.
4. For reallocations of 20% and over of the total budget, Volt-Age's Executive Committee is responsible for assessing the request and either  providing approval, requesting additional information or rejecting the request with a rationale. Volt-Age senior administration will then inform the PI as well as financial and related services.
   Retroactive expenses will not be reimbursed under any circumstances; prior written approval is required before any costs are incurred.
5. In addition to having to align with other Volt-Age policy expectations and requirements, Volt-Age will only consider the reallocation request if the following conditions have been met:
   • the grant is in good standing;
   • the grant activities have so far met expectations;
   • the reallocation request is within the scope of the originally approved outcomes for the grant;
   • the reallocation supports continued successful implementation of the project and achievement of expected results and metrics; and
   • the reallocation is not to cover costs not directly related to the approved project or activities ineligible for Volt-Age funding as per the Tri agency guide on financial administration and the CFREF Administration Guide.