Financial Policies

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

To establish responsibility for the financial administration of sponsored projects

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

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.

To establish responsibility for preparation and submission of sponsored project budgets

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

To establish policy for the accounting of costs which are unallowable charges against federally sponsored projects.

To establish responsibility for the procurement of goods and services with sponsored project funds.

To ensure sponsored project related regulatory requirements are met when costs charged to sponsored projects were initially charged to other accounts.

Purpose: To comply with the federal Office of Management and Budget’s Uniform Administrative Requirements, C.F.R. 200 § 430 and other sponsor requirements for certifying that effort expended on a project is at least commensurate with the salary charged against the sponsored project