RFP section III.B.1.ELIGIBLE FACULTY specifically states “. . . An eligible faculty member may serve (see section V.A.1) as a principal or co-principal investigator on a maximum of one RCS grant at any one time . . .” Note: All rules, regulations, and limitations in the RFP for research proposals . . . holds true for the RCS notice of intent. Therefore to become eligible for the FY 2018-19 RCS competition, the current RCS grant must be officially terminated, i.e., all final reports (Project and Expenditures) must be submitted and approved prior to the R&D NoI due date of September 11, 2018. There is nothing that prohibits the submission and approval of all final reports prior to the reporting schedule identified in the contract.
Finally, prior to resubmitting to the RCS program (multi-year or one-year component) you should consider the goal of the RCS program, which is to enable faculty to overcome barriers to national competitiveness, thus leveraging RCS funding support with national-level funding. Any resubmissions by previous RCS award recipients are carefully reviewed by the Final Panel to determine alignment of previous funding with program goals when developing funding recommendations.