In accepting a grant or contract, Davidson College assumes an obligation to administer the award in compliance with all applicable institutional, agency, federal, state or other regulations governing the use of those funds. Likewise, the principal investigator or project director agrees to abide by the terms and conditions of the award and manage funds within approved budgets. The principal investor/project director initiates required approvals for budgetary and programmatic changes, prepares technical reports, and ensures that individuals employed under the grant are familiar with institutional and agency compliance issues.