Finance: Accounting
Grants and Contracts Policy

Additional History

Amendments:

 April 17, 2009: A number of changes were made to the policy. Summary of major changes as follows:

• Added a definitions section
• Sections reordered to prioritize most common areas
• Removed specific cost sharing language – belongs in cost share policy instead
• Removed a section related to the accounting of grants and contracts – exchange transaction versus contributions
• Added a section on grant responsibility – details the general PI responsibilities
• Deleted the section on creating a project account – belongs in a procedures document instead Expanded the general grant expense policy section
• Added language on cost allowability
• Specified that only the PI can approve expenses; Any expensed reimbursing the PI or for the PI’s procurement card must be Chair or Dean approved
• Added language on adhering to grant budget limits
• Added a section on pre-award costs
• Added a brief section on faculty compensation limits – which refers to the faculty handbook
• Added a section on effort reporting requirements
• Added a section on cost transfer requirements, including documentation required, what types of transfers are prohibited, and time limits for transfer requests
• Expanded language in unallowable expense section
• Updated language on reporting
• Added a section on cost overruns
• Expanded section on grant/contract closeouts
• Added a requirement that all PIs are to be given a copy of the policy, and required to verify by their own signature that they have read it.
• Added a section on audit requirements