Financial Policies

Policies related to the financial operation of the University of Pennsylvania

2100 – Sponsored Projects
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Last Reviewed June 2023

2101 – Administration of Sponsored Projects

To ensure that funds provided from external sources to support research and other projects are administered in accordance with University policies as well as those of the sponsor. External sources include both governmental and private organizations

2100 – Sponsored Projects

Research Services

Last Reviewed June 2023

2102 – Approval of Proposals

To ensure that proposals submitted for external support of research and other sponsored projects comply with University financial and other policies.

2100 – Sponsored Projects

Research Services

Last Reviewed June 2023

2103 – Administration of Clinical Trials

To ensure that funds received for the clinical testing of pharmaceuticals and medical devices (“clinical trials”) are administered in accordance with University policies, sponsor requirements and federal regulations.

2100 – Sponsored Projects

Research Services

Last Reviewed June 2023

2104 – Negotiation of Awards

Purpose: To ensure that the terms and conditions of agreements for sponsored projects comply with established University policies and to establish authority for negotiations.

2100 – Sponsored Projects

Research Services

Last Reviewed June 2023

2105 – Acceptance of Awards

To ensure that grants, contracts, and other agreements whether monetary or not, supporting sponsored projects are in compliance with University policies.

2100 – Sponsored Projects

Research Services

Last Reviewed June 2023

2106 – Financial Responsibility

To establish responsibility for the financial administration of sponsored projects

2100 – Sponsored Projects

Research Services

Last Reviewed June 2023

2107 – Accounting Authority & Responsibility

To assign authority and responsibility for the accounting for sponsored projects.

2100 – Sponsored Projects

Research Services

Last Reviewed June 2023

2108 – Cost Accounting Standards (CAS)

To ensure compliance with the Federal Cost Accounting Standards applicable to educational institutions, as follows: 1. CAS 501: Consistency in Estimating, Accumulating and Reporting Costs. 2. CAS 502: Consistency in Allocating Costs Incurred for the Same Purpose. 3. CAS 505: Accounting for Unallowable Costs. 4. CAS 506: Cost Accounting Period.

2100 – Sponsored Projects

Research Services

Last Reviewed June 2023

2109 – Budgets

To establish responsibility for preparation and submission of sponsored project budgets

2100 – Sponsored Projects

Research Services

Last Reviewed June 2023

2110 – Direct Cost Expenditures

To establish guidelines for the charging and approval of direct cost expenditures on federal awards.

2100 – Sponsored Projects

Research Services