Financial Policies

To establish responsibility for compliance with the Office of Management and Uniform Guidance 2 C.F.R. Part 200.330-337 (as it relates to the University’s responsibilities in making awards to subrecipients).

To establish responsibility for the retention of records, including documentation supporting project expenditures, in accordance with the sponsors’ requirements. Since its implementation in 2007 these records are stored electronically via document imaging system.

Some federal agencies and some non-federal sponsors provide cash in advance of the work to be performed under a sponsored project. This policy establishes the appropriate accounting treatment of these cash advances.

To provide an understanding of required documentation indicating approval for expenses charged to sponsored projects

To establish responsibility for monitoring subrecipients receiving federal funds but not subject to the Office of Management and Budget’s (OMB) Uniform Guidance single audit or program-specific audit (2 C.F.R. Part 200.501)

To establish the criteria permitting individuals to fulfill the role of Principal Investigator or co-Principal Investigator on a sponsored project

To ensure that the revised final financial reports are submitted so as to mitigate any financial loss to the University or return of funds with interest to the sponsor.

To establish guidelines for the charging and approval of expenditures on awards from non-federal sponsors which do not reimburse the University at the approved Facility and Administrative cost rate.

To define the requirements for faculty having appointments less than 12 (twelve) months who choose to work and receive compensation from a sponsored project during the months of June, July and/or August.

To establish the requirement for individuals who carryout functions related to sponsored projects administration and identifies the responsible individual who will determine these individuals.