Financial Policies

To establish accounting policy for program income earned on sponsored projects. Certain sponsored projects generate income which, depending on sponsor regulations or the terms of the award, either is required to be remitted to the sponsor, or may be used as additional project support.

To establish the authority and responsibility for the deposit of payments for sponsored projects.

To establish authority and responsibility for the request and maintenance of letter of credit agreements funding sponsored programs.

To establish responsibility for the direct billing of sponsored project expenses.

To establish responsibility for the resolution of delinquent payment and/or nonpayment of project costs by sponsors.

To ensure compliance with Office of Management and Budget Uniform Guidance (2 C.F.R. , Part 200) as codified by the federal grant making agencies and other sponsors’ policies regarding the timely submission of financial reports of expenditures.

To establish responsibility for the accurate and timely close-out of completed sponsored projects in compliance with the sponsor’s terms and conditions.

To establish authority and responsibility for the close-out of sponsored project accounts.

To establish responsibility regarding unresolved sponsored project overdrafts and disallowances.

To establish responsibility for the coordination of external audits, reviews, inquiries, and investigations of sponsored projects