Sam@EGC
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Thanks Sophie. These are often asked questions.
NIH STTR awards are typically based on cost reimbursement.
If you have project related costs incurred 90 days before the project start date, you can still invoice for those expenses.
You should have incurred all cost before invoicing the award.
There is no restriction on when you invoice.Hi Shoba,
My apologies if my last message created any confusion. Any employees written into the grant may be part-time W2 or full time W2 without issue. Usually the word employee would imply W2, and 1099 would imply contractors. Alas, a part-time employee can be 1099, but most federal agencies would prefer to see W2 for employees.
Thanks!
Sam
Hi Shoba,
Usually the employees are written in the budget as employees, and that would preclude them from being contractors. You can hire part time help using the award as long as contracted services are written into the budget as well.
For an SBIR Phase I, at least 2/3 (66.67) of the research will need to be performed by the small business concern.
There is a specific integration process that will backup everything you have in Desktop to online Quickbooks! The process is fairly simple. See this link:
If all else fails, QuickBooks Online does have a bank syncing option available that would allow you to backdate your transaction downloads and the rest of the Balance Sheet information would need to be updated manually.
The NSF requests a Financial Capabilities Review (CAP Review) once a Phase II proposal is being seriously considered for funding. The NSF is looking for assurance of the company’s financial stability and internal ability to manage a larger award.
https://www.nsf.gov/bfa/dias/caar/fin.jspTime can be kept electronically or manually, whichever you prefer. We just would want to make sure electronic timekeeping allows for differentiating between when you are working on the grant using direct time, verses indirect time, or unallowable. The manual timekeeping could potentially be easier with the time sheet template that we provide. It has all of the different tasks broken out so that you would just fill in how many hours you worked on what each day.
