Policy Library
625 Externally Funded Grants and Contracts
Authority: Approved by the Board of Trustees
Faculty and professional staff are encouraged to obtain external funding to support institutional activities such as research projects, creative projects, and academic programs that are funded from external sources. These sources include federal, state and local government agencies, nonprofit agencies, universities, professional organizations and foundations. Faculty and staff, who pursue grant or other sponsored program opportunities must consult with the Office of Sponsored Programs (OSP) prior to proposal submission for pre-award assistance and approval processing. The grant/contract agreement authorizing funding of a sponsored program is between the institution and the funder. A full-time faculty or professional staff serves as the Principal Investigator (PI) or Program Director (PD) and is responsible to carry out the activities of the grant/contract agreement. ISU faculty and staff pursuing a sponsored program are required to ensure compliance with institutional research obligations in Policy 360 Institutional Research Compliance. Once the grant agreement or contract has been approved and signed by all parties, the agreement/contract is sent to the Office of Contracts and Grants, for post-award financial administration of the external funds.Last updated on: June 18, 2021
625.1 Payments
625.1 Payments. Externally funded or contracted projects will be in an amount agreed upon by the University and the sponsoring agency.
625.1.2 Salary of Faculty Member. Time spent on externally funded activities will be reimbursed to the University out of contract funds, and the faculty and/or staff member will normally be paid no more than his/her established University salary during the academic or fiscal year. Salary amounts charged to externally funded projects will always be based upon the individual's institutional base salary.
625.1.3 Institutional Base Salary (IBS). The annual compensation paid by the University for an individual’s appointment, whether that individual’s time is spent on research, instruction, administration, or other activities. IBS does not include extra service pay, consulting, one-time payments or incentive pay. Additionally, IBS does not include payments from other organizations or income that individuals are permitted to earn outside of their University responsibilities, such as consulting.
625.2 Signature Authority
625.2 Signature Authority. Signature authority for grant and contract proposals, award documents, and sub-agreements vests with the Chief Research Officer, in accordance with Policy 620 Contract Approval, Signatory and Reporting Policy.
Related Information
Policy Administrator:
Office of Finance and AdministrationPolicy Contact:
Office of Finance and AdministrationRankin Hall 200
812-237-7779