The Grants Administrator, in coordination with the PI, is responsible for preparing and overseeing subcontracts as approved in the sponsored project award and issued by Babson College to other organizations. In general, the subcontractor is subject to the same terms and conditions of the award as is Babson College. Therefore, the subcontract agreement will contain specific terms and conditions, an approved budget and a statement of work. The subcontract is reviewed and approved by the PI. To be binding, the subcontract must be signed by the Controller. Extensions and changes to the subcontracts are made by the Grants Administrator based on the approval of the primary sponsor.
Before hiring a consultant, it must first be decided whether the individual is indeed a consultant or if he/she should be paid as an employee. Using I.R.S. guidelines, Business and Financial Affairs can assist the PI in making that determination.
The following documentation will be required:
A signed Professional Consulting Agreement which contains a description of work to be performed, how the work relates to the project, the period of performance, and the total to be paid, and proof of insurance from the consultant.
A signed invoice from the consultant which must include the consultant’s full name, home address, a brief description of work performed, hours or days worked, rate of pay, and total amount due. This invoice must be submitted with each request for payment.