Foundation-sponsored projects may have specific requirements for unexpended funds. Usually, the agreement will state whether they need to be returned to the sponsor. Contact your RAS CA if the agreement is silent, or if you need to use unexpended funds to continue the project.
Continuing the Project
If a foundation sponsor approves a request for funds to be used to continue the project, they may issue a modification or a new agreement. If a new agreement is issued, VPF will transfer the unexpended funds to a new account structure.
Restrictions on Use
Even if the sponsor does not require that unexpended funds be returned, some foundations may restrict their use. If the sponsor approves keeping unexpended funds, but only for specific purposes, contact your RAS CA.
Updated September 30, 2024