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Administrator Guide
Last Updated: 2024-04-19
Steps: Set Up Grant Funding

Steps: Set Up Grant Funding

You can use this checklist to set up grant funding for an award. It includes setting up the:
  • Rules for processing award costs for your organization.
  • Funds and grants as costing worktags for your award spends.
  • Financial cost categories to meet sponsor budget and expenditure requirements.
  • Facilities and administration (F&A) rate agreement details.
  • Award contract to capture all the information on your agreement with the sponsor, including the dates, grants, and F&A configurations on the award lines.
  • Billing and revenue recognition schedules.
  1. Configure the award costs processing rules for the company.
  2. Create funds to identify the set of accounts to pay for your award costs. Use a sponsored fund type if you want to charge the award spends to the sponsor.
  4. When the organization that grants you the award is different from the organization that reimburses you, create both organizations as sponsors. You can set them as the
    Prime Sponsor
     and
    Bill-To Sponsor
     when you create the award.
  5. To bill the sponsor for reimbursable spends, create object classes to match your financial cost categories with the cost categories from your sponsor.
  6. Configure the details for calculating F&A costs, including cost basis types and rate agreement, from your F&A agreement. When you don't want to generate any F&A costs and only want to charge the direct costs to the sponsor, configure the F&A rate to 0%.
  7. Grants and grant hierarchies inherit role assignments from the grant hierarchies above them.
  8. Create the grant worktag that you want to use as the primary costing organization and revenue collector for the award. Add the fund and any other costing worktags as related worktags to the grant.
  9. Create the award contract between you and the sponsor.
    Create an award with at least 1 fixed amount or cost reimbursable award line. Associate the award lines with the grants that you created. You can associate the same grant with multiple award lines as long as the award line dates don't overlap.
    You can also create a budget, configure award credits, specify special conditions and committed efforts, and set up award tasks as milestones for maintaining the award.
  10. Set up a billing schedule to bill your sponsor. You can create either an installment or transaction type billing schedule. For installment billing schedules, you can generate all the installments ahead of time.
  11. Schedule Revenue Recognition for Awards for fixed amount award lines with deferred revenue.
    For other types of award lines, revenue is recognized as soon as Workday processes the award costs for the spends, depending on how you configure
    Award Costs Generation
     on the award costs processing rules.