Policy on Virement

Purpose

The purpose of this policy is to provide guidelines for movement of funds within an AAS funded grant.  The AAS grantees are expected to take note of the provisions of this policy and abide by them.

Policy Statement

The AAS expects grantees to manage their projects within the funding granted. It is the responsibility of each grantee to plan and conduct activities so as not to expend more funds than budgeted, and to ensure that funds are utilised effectively and efficiently. AAS however recognises the use of virements as a mechanism in the day-to-day management of grants budgets

a) Exceptions

Movement of funds between two grants is not allowable.

Procedure

The grantee should check the AAS Award letter and Terms and Conditions before committing to vire funds.

b) Virement Limits and Approvals

For grants up to USD 100,000

Grantee can vire between cost headings at their discretion (except for funds earmarked for salaries and capital investments).
 

For grants greater than USD 100,000

Grantee can vire between cost headings at their discretion if the amount being transferred across budget headings does not exceed a change of 10% of the total grant value (except for funds earmarked for salaries and capital investments).  

Funds earmarked for salaries and capital investments

Grantee cannot vire unless with prior approval from the AAS Programme Manager.

Changes over 10% of grant value or funds need for other purpose

Grantee cannot vire unless with prior approval from the AAS Director of Programmes.
 
  • Whenever grantees contemplate re-budgeting, or other post-grant budget changes, and are uncertain about the need for prior approval, they are strongly encouraged to consult, in advance, with the AAS Programme Manager assigned to their grant.