OCFO Policies

Filtered results follow.

TitleDescriptionTags
Accountable Plan Expense Reimbursement Policy (FA 111)The purpose of this policy is to establish the rules for the University’s accountable plan and outline the tax treatment of cash advances and…Expenses
Accounting for Applicable Credits (FA 174)To ensure that the cost of a sponsored agreement is comprised of the allowable direct costs incident to its performance,…Accounting
Accounting for Foreign Currency (FA 135)Policy FA 135 explains how the University applies conversion rates and fees to cost centers when the University receives deposits or…Accounting
Accounting for Pledges Receivable (FA 180)Policy FA 180 specifies the University’s accounting for and recording of pledges receivable in the general ledger, which is processed on…Accounting
Advance (At Risk) Accounts –FA 179This policy applies toall University employeesand covers both authority to sign agreements with third parties and to approve financial transactions…Accounting
Banking and Cash ManagementThe policy applies to all University departments that use University bank accounts, foreign currency, wire transfer or ACH (automated clearing…Treasury
Budget Amendment Policy (FA 110-15)This policy provides guidance to the Campuses when a budget amendment(s) needs to be made to the Current Approved Budget (CAB) in…Budget
Budget to Actual Report Review & Reconciliation (FA 160-15)This policy provides guidance related to the review and reconciliation of transactions posted to the University’s general ledger in the various organization…Budget
Budget to Actual Report Review & Reconciliation (FA 160)Policy FA 160 provides guidance related to the review and reconciliation of transactions posted to the University’s general ledger in the…Budget
Business Asset – Capital Equipment (FA 130)Policy FA 130 outlines specific responsibilities and procedures for acquisition, use and disposition of capital equipment, and maintain an accurate inventory…Accounting
Business Travel and Entertainment-Appendix 1 and 2 (FA 112)This policy addresses payments for and reimbursements of business travel expenses. To be in compliance with IRS Publication 463, the employee must…Accounting
Construction in Progress (CIP) and Software in Progress (SIP) Capitalization (FA 166)Policy FA 166 describes the guideline and appropriate procedures to capitalize and depreciate expenditures associated with capital projects including construction, technology,…Accounting
Distribution of Payroll Checks (FA 133)FA 133 states that The University recognizes its legal obligation to make payment to the employee on pay day. To accomplish…Payroll
Donor Gift Processing Policy – FA 117- Sponsored AccountingGeorgetown University (the University) receives contributions from various donors in the form of cash, pledges, securities, and gifts-in-kind. The purpose…Accounting
Employee Mobile Devices (FA 129)As outlined in the Employee Mobile Device Tax Compliance Policy (FA 129), a University-provided mobile device is considered to be part of…Tax
Endowment Fund Accounting Policy – FA 138This policy establishes the requirements for the University’s accounting for endowment funds in accordance with the Financial Accounting Standards Board…Endowment
FA 161 ProCard PolicyThe purpose of this policy is to outline: 1.Responsibilities of cardholders and departments using the ProCard. 2.Criteria for allowable and…ProCard
FA 174 Cash Advance PolicyThis policy illustrates the use of approved Cash Advances either by University Procurement card or by Special CheckTravel
FA-102 Contracts PolicyThere are three (3) primary means of purchasing products and services at the University -Purchase Order, Procurement Card, and online…Contracts
FA-112 Business Travel and EntertainmentThe purpose ofthis policy is to describe the parameters around travel arrangements for University business and for the reimbursement of…Travel
FA-127 Approval/Signature AuthorizationIn accordance with the University’s bylaws and general principles of good governance and fiscal responsibility, the University has authorized specific…Signatures
FA-192 Payment Card Industry Data Security Standard (PCI DSS)The purpose of this Payment Card Industry Data Security Standard (“PCI DSS”) Policyis to secure payment card transaction data in…PCI
FWS Program Reconciliation – FA 176The purpose of this policy is to provide guidance related to the review and reconciliation of FederalWorkStudy(FWS)Program accounting review and…Accounting
FWS Program Reconciliation (FA 176)This policy provides guidance related to the review and reconciliation of Federal Work Study (FWS) Program accounting review and reconciliation process.Accounting
Gift Policy (FA 162)The Gift Policy (FA 162) provides guidance to departments giving gifts to employees and non-employees, as well as guidance to employees receiving…Tax
Joint Venture Policy – FA 189 TaxTo ensure that the University conducts the necessary tax and legal review of potential joint ventures.Tax
Merchant Payments, Processing – FA 140To ensure credit card deposits are recorded timely and accurately.PCI
Net Asset Classification – FA 159Each contribution is reviewed for donor’s restriction or lack thereof to ensure it is assigned to the appropriate net asset…Accounting
New Entities and Presence Policy (FA 623)The purpose of the New Entities and Presence Policy (FA 623 formerly FA 177) and Procedure (includes map of approved teleworker states) is to…International, Tax
New Entities and Presence Procedure (Procedure FA-623-P1)This is the procedure to accompany FA-623, New Entities and Presence PolicyInternational, Tax
Payment Card Industry Data Security Standard (PCI DSS) Policy – FA 192ThisPolicy applies to all Georgetown University Payment Card Service Centers (as defined in Section 192.07)and University employees who have been…PCI
Payroll Stop Payment (FA 109)FA 109 states that If a payroll check is lost, stolen, or has incorrect information on it, Georgetown University ensures that…Payroll
Payroll Withholding Forms Policy – FA 108- PayrollTo facilitate the process of completion of Federal and Local payroll withholding forms.Payroll
PCI DSS Supplier Management Policy – FA 193ThisPolicy applies to all Georgetown University departments and employees who engage or utilize Suppliersthat accept, process, and/or maintain payment cards,…PCI
Petty Cash & Imprest Checking Accounts (FA 141)This policy covers the creation, administration, reconciliation, transfer, and closing of petty cash and imprest checking accounts.Treasury
Petty Cash and Imprest Checking Accounts (FA 141)FA 141 states that a department can be approved to establish a petty cash account to reimburse employees for miscellaneous operational…Treasury
Policy 107 – Participant CostsPolicy 107 outlines guidance when Participant Costs are applicable to Sponsored Programs. Indirect cost allocations attributable to Participant Costs are the…Sponsored Accounting
Policy 113 – Cost Transfers for Sponsored ProjectsPolicy 113 establishes the requirements for recording cost transfers on the financial accounting records of the University. The accounting practices are…Sponsored Accounting
Policy 119 – Accounting for Clinical Trial ActivityPolicy 119 ensures that revenue from industry sponsored clinical trials at the University is properly recorded. Additionally, it assigns responsibilities associated…Sponsored Accounting
Policy 122 – Service CentersPolicy 122 provides guidance regarding Service Centers; including Specialized Service Facilities (SSFs) and Recharge Center Units (RCUs). Additionally, this policy establishes…Sponsored Accounting
Policy 130 – Business Asset & Capital EquipmentPolicy 130 ensures proper accounting of university and externally funded capital equipment. It provides guidance in reporting to sponsoring agencies, planning…Accounting
Policy 131 – Effort ReportingPolicy 131 provides guidance regarding: 1) effort commitments for sponsored projects, 2) payroll allocations to sponsored projects, 3) certification of effort…Sponsored Accounting
Policy 132 – Cost Sharing on Sponsored ProjectsPolicy 132 provides guidance regarding Cost Sharing; which is the portion of total project costs not paid by the sponsor. Cost…Sponsored Accounting
Policy 143 – Subrecipient MonitoringPolicy 143 provides guidance regarding: (1) subrecipient eligibility determinations, (2) assessing and managing risk when passing federal funds to subrecipient organizations,…Sponsored Accounting
Policy 146 – Transfer of Unobligated BalancesPolicy 146 provides guidance related to the monitoring and transfer of unobligated balances in the financial accounting records of the University.…Sponsored Accounting
Policy 149 – SAO Overdraft Monitoring PolicyPolicy 149 provides guidance related to the timely monitoring, classification and resolution of sponsored projects in the overdraft status.Sponsored Accounting
Policy 158 – Financial Reporting and CloseoutsPolicy 158 sets the expectations for proper Financial Reporting and Closeout for sponsored projects. It reinforces the roles and responsibilities of…Sponsored Accounting
Policy 160 – Budget to Actual Report Review & ReconciliationPolicy 160 provides guidance related to the review and reconciliation of transactions posted to the University’s general ledger. It enhances internal…Budget
Policy 163 – Funding of Reserve for Losses on Grants and ContractsPolicy 163 states that all university units with material grant activity are required to have a reserve for actual or potential…Sponsored Accounting
Policy 172 – Accounting for Program IncomePolicy 172 provides guidance regarding Program Income. Program Income is directly generated by a federally sponsored project occurring during the period…Sponsored Accounting
Policy 179 – Advance (At Risk) AccountsPolicy 179 outlines the appropriate procedures for establishing an Advance (at Risk) Grant Account. This is done in anticipation or the…Sponsored Accounting
Policy 186 – Direct Cost Allocation PolicyPolicy 186 provides guidance regarding allocating costs to sponsored projects, thus, conforming to OMB Uniform Guidance (2 CFR 200), section 200.405…Sponsored Accounting
Policy 190 – Federal Small Business SubcontractingPolicy 190 establishes the University’s requirements for small business subcontracting plans. Certain percentages of the direct cost expenditures must be spent…Sponsored Accounting
Policy Review, Revision, and Creation (Financial Affairs) – FA 915Policies enforced by Financial Affairs should be easily found, understood, reviewed and approved by appropriate stakeholders on a regular basis,…Governance
Position Budget & Roster Data Management Policy – FA 194This policy applies toPosition Budgets for all Faculty, Fellow and AdministrativePosition Managementpositions.This policy applies to Roster Data Management for all…Accounting
Record Retention and Destruction Policy – FA 100The scope of this policy includes all University Records and Non-records as defined in Appendix Ito this policy. It applies…Governance
Reporting Cash Transactions Policy (FA 181)The Reporting Cash Transactions Policy (FA 181) outlines how the University complies with its IRS Form 8300 reporting requirement. When the University…Tax
Reporting Cash Transactions Policy & Procedures (FA 181)FA 181 states the IRS requires that the receipt of any single cash payment or series of payments on a related…Tax
Returned Checks (FA 137)Policy FA 137 outlines the procedures that are followed by the University when a payee’s bank returns checks made payable to…Accounting
Revenue Generating AgreementsRevenue Generating Agreements Policy (FA 157) provides guidance on which types of agreement are routed through this review process. The Tax…Contracts
Salary Overpayment Policy and Correction Procedures (FA 164)University policy and procedures for identifying, remedying and recouping salary overpayments to University employees.  Payroll
Student Employees – Applicability of FICA Tax (HR 1012)Through the Student Employees – Applicability of FICA Tax (HR 1012) Georgetown University has automated procedures that complies with IRC Section 3121…Sponsored Accounting
Student Status Change Reporting – FA 178The purpose of this policy is to address the frequency, timing, completeness, and accuracy of reporting enrollment status to the…Accounting
Tax and Reporting of Moving Expense for Employees Policy (HR 1014)The Tax and Reporting of Moving Expense for Employees Policy (HR 1014) addresses the tax treatment of Employee moving expenses. For tax…Tax
Tax Treatment and Reporting of University Provided Motor Vehicles Policy (FA 167)The Tax Treatment and Reporting of University Provided Motor Vehicles Policy (FA 167) addresses the tax treatment of University vehicles by employees.…Tax
Tax Treatment of Athletic and Other Event Tickets Purchased with University Funds policy (HR 1015)The Tax Treatment of Athletic and Other Event Tickets Purchased with University Funds policy (HR 1015) addresses the tax implication of receiving…Tax
Tax Treatment of Subsidized University Housing for Senior Administrators, Faculty, and Staff Policy (FA 169)The Tax Treatment of Subsidized University Housing for Senior Administrators, Faculty, and Staff Policy (FA 169) addresses the tax implications of University…Tax
Tuition Remission Tax Liability for GU Employees Policy (FA 103)The University offers an undergraduate and graduate level Tuition Assistance Program (TAP). The Tuition Remission Tax Liability for GU Employees Policy (FA…Tax
Unclaimed Deposits of Electronic Receipts (FA 120)As part of its normal business operations, Georgetown University (the University) receives funds electronically via wire transfers, Automated Clearing House…Travel

Below is a list of policies by their relevant functional areas.

Treasury and Budget Policies

This policy provides guidance to the Campuses when a budget amendment(s) needs to be made to the Current Approved Budget (CAB) in the University’s Financial System (GMS)

This policy provides guidance related to the review and reconciliation of transactions posted to the University’s general ledger in the various organization worktags, e.g. Cost Centers, Grants, Gifts, Projects, etc., to enhance internal controls, ensure timely adjustments/cost transfers, and prevent overdrafts.   The Budget to Actual Reports (BAR) should be used for the review and reconciliation of the financial transactions

Payroll Policies

This policy provides guidance related to the review and reconciliation of Federal Work Study (FWS) Program accounting review and reconciliation process.

FA 109 states that If a payroll check is lost, stolen, or has incorrect information on it, Georgetown University ensures that Payroll issues a replacement check timely to the employee in the correct amount and with the correct information. 

This policy covers the creation, administration, reconciliation, transfer, and closing of petty cash and imprest checking accounts.

The purpose of this policy is to establish the rules for the University’s accountable plan and outline the tax treatment of cash advances and expenses reimbursements.

This policy addresses payments for and reimbursements of business travel expenses. To be in compliance with IRS Publication 463, the employee must adequately account for expenses within 60 days after the expense was paid or incurred.

University policy and procedures for identifying, remedying and recouping salary overpayments to University employees.  

FA 133 states that The University recognizes its legal obligation to make payment to the employee on pay day. To accomplish this, the University encourages employees to subscribe to direct deposit. For employees that do not subscribe to direct deposit, the University will print paper checks, and those checks will be made available to employees on pay day.

Tax Policies

The following topic list references OCFO policies and Human Resources policies that address tax issues, which may impact employees, students and affiliates. Click on the topic for a brief summary and a link to the policy.

The University does not reimburse or allow for donations to be made on a procard. Donations to any political campaign or party affiliation are strictly prohibited from a University fund source. 

The Accountable Plan Expense Reimbursement Policy (FA 111) addresses the guidelines for making donations with University funds to external organizations.

Donations and sponsorship recipient payees must have a Georgetown Management System (GMS) Supplier ID (SUP-XXXXXXX).

Use GMS Spend Category S0264 for donations, and S0013 for sponsorships made to external organizations. Donations and sponsorships should be made to similarly missioned 501(c)(3) organizations.

Please contact University’s Tax Department before committing to making donations or sponsorships totaling over $5,000 in any fiscal year.

The purpose of the Accountable Plan Expense Reimbursement Policy (FA 111) is to establish the rules for the University’s accountable plan and outline the tax treatment of cash advances, expenses reimbursements and ProCard transactions.

The University does not reimburse or allow for donations to be made on a procard. Donations to any political campaign or party affiliation are strictly prohibited from a University fund source.  Please consult the Tax Department prior to making any external donations over $250. 

Reimbursements to students do not generally fall under the University’s Accountable Plan unless a faculty member will attest to one of the following scenarios as being true:
– The travel directly supports a faculty member’s project or research program
– The travel is related to presenting or leading a session at a conference on behalf of the University
– The travel is required to officially represent the University

If the primary beneficiary of the travel is the student, it most-likely should be treated as a non-service stipend. If the primary beneficiary of the travel is a faculty member or other employee for University business, it may be treated as an accountable plan business expense as long as the receipts are submitted within 60 days.

When calculating Per Diem Payments to Individuals on travel under the University’s Accountable Plan, this Per Diem Calculation Form may be helpful as backup for the substantiation required to meet the accountable plan rules.

Please note that the Tax Department is currently in the process of updating this policy to clarify that the 60 day window for ProCard transactions start from the Posted Date of the transaction, not the Transaction Date.

As outlined in the Employee Mobile Device Tax Compliance Policy (FA 129), a University-provided mobile device is considered to be part of an employee’s gross income unless it is used primarily for business purposes. Immaterial and incidental personal use is permitted. Prior to issuing a device to an employee, please read UISO’s University-Provided Mobile Device Policy as well.

The Tax and Reporting of Moving Expense for Employees Policy (HR 1014) addresses the tax treatment of Employee moving expenses. For tax years 2018 through 2025 are considered wages and will be reimbursed net of the required tax withholding.

The Tax Treatment of Athletic and Other Event Tickets Purchased with University Funds policy (HR 1015) addresses the tax implication of receiving tickets to athletic or other events purchased with University funds. The occasional Georgetown University athletic or other Georgetown University event tickets provided to an employee for personal use is excluded from the employee’s income. Regular use of athletic or other event tickets by an employee for non-business purposes will result in taxable income to the employee subject to applicable tax withholding.

The University offers an undergraduate and graduate level Tuition Assistance Program (TAP). The Tuition Remission Tax Liability for GU Employees Policy (FA 103) provides information on the taxation of tuition benefits.

The Gift Policy (FA 162) provides guidance to departments giving gifts to employees and non-employees, as well as guidance to employees receiving gifts from external parties in their role as a GU employee. Departments should have the applicable form completed, complete the Georgetown University Gift Form and maintain completed and signed forms in their University department. A copy of the applicable form should also be uploaded as a PDF with the online gift form submission:
1) FA 162-A Gift Receipt Form – To be completed by University employees receiving a gift from an individual or entity other than Georgetown University.
2) FA 162-B Award and Prize Form – To be completed by individuals (who are not employees) receiving prizes or awards outside of Accounts Payable or Nimblify.
3) FA-162-C Gift Policy Payroll Form – To be completed by University employees given a gift with University funds.

The Reporting Cash Transactions Policy (FA 181) outlines how the University complies with its IRS Form 8300 reporting requirement. When the University receives of any single cash payment or series of payments on a related transaction within a 12-month period that exceed $10,000 it must be reported to the IRS. In a University setting, the most frequent payment of this type would be tuition. A single tuition payment or a series of payments exceeding $10,000 must be reported.

Please note that the Tax Department is currently in the process of updating this policy to clarify that there is no requirement to report for cash transactions that occur outside the United States if the entire transaction consists of both: (1) the underlying event that gave rise to the transfer of cash and (2) the receipt of cash by the recipient. For example, if a student will attend classes at locations outside the U.S. and the cash tuition payments are made and received by campuses located outside the U.S., this policy does not apply.

Revenue Generating Agreements Policy (FA 157) provides guidance on which types of agreement are routed through this review process. The Tax Department reviews revenue generating agreements to determine if the activity generates unrelated business income and/or private business use.

Through the Student Employees – Applicability of FICA Tax (HR 1012) Georgetown University has automated procedures that complies with IRC Section 3121 (b) (10), which provides an exemption from FICA tax for service performed by a student employed by the university in which he/she is enrolled and regularly attends classes.

The Tax Treatment of Subsidized University Housing for Senior Administrators, Faculty, and Staff Policy (FA 169) addresses the tax implications of University provided housing, which is generally treated as income meaning that the subsidized portion of the housing is taxable to the employee who receives the benefit under the Internal Revenue Code. However, there are certain circumstances in which the value of the subsidized portion of the employer-provided housing is appropriately excludable from income.

The Tax Treatment and Reporting of University Provided Motor Vehicles Policy (FA 167) addresses the tax treatment of University vehicles by employees. Under the Internal Revenue Code, a motor vehicle provided to an employee by the University is considered a working condition fringe benefit and no portion of the value of the vehicle needs be included in the wages of the employee. However, if the vehicle is used for personal purposes, an allocation based on mileage will be used to determine the amount of personal use.

The purpose of the New Entities and Presence Policy (FA 623 formerly FA 177) and Procedure (includes map of approved teleworker states) is to identify and monitor financial, legal, employment, risk, and tax compliance components as the University (a) develops new entities (b) develops a new or expanded legal presence in US or non‐US jurisdictions, or (c) enters into international agreements.

This policy impacts where University departments are able to directly employ teleworker employees. Here is a list of the currently approved teleworker states outside of Washington D.C., Virginia, and Maryland: California, Florida, Illinois, Louisiana, Massachusetts, Minnesota, New Jersey, New York, North Carolina, Ohio, Tennessee, Texas, Pennsylvania, Washington state and West Virginia.

If you are considering hiring a teleworker employee and their state of residence is not listed as approved, please reach out to Human Resources to see if hiring through the University’s current Employer of Record Firm is an option.

The University’s Senior Leadership may consider adding states after legal and tax research is conducted if there is a strong business case. Please email taxdepartment@georgetown.edu to initiate this review process.

Accounting Policies

To ensure that the cost of a sponsored agreement is comprised of the allowable direct costs incident to its performance, plus the allocable portion of the allowable F&A costs of the institution, less applicable credits (OMB A-21 Section C), the University developed Policy FA 174 to address the accounting treatment for credits (i.e., refunds, rebates, incentive payments, and other credits) that are applicable to specific projects or to cost pools used in the development of the University’s Facilities and Administrative rate proposal.

Policy FA 135 explains how the University applies conversion rates and fees to cost centers when the University receives deposits or makes payments in foreign currencies. 

Policy FA 180 specifies the University’s accounting for and recording of pledges receivable in the general ledger, which is processed on a quarterly basis.

Policy FA 160 provides guidance related to the review and reconciliation of transactions posted to the University’s general ledger in the various organization worktags, e.g. Cost Centers, Grants, Gifts, Projects, etc., to enhance internal controls, ensure timely adjustments/cost transfers, and prevent overdrafts. 

Policy FA 130 outlines specific responsibilities and procedures for acquisition, use and disposition of capital equipment, and maintain an accurate inventory of movable capital equipment for financial reporting and department management purposes.  Equipment is considered a capital asset if the equipment has a useful life of one year or more and has an acquisition cost of $5,000.00 or more. This policy is also issued to conform to the Office of Management and Budget (OMB) Uniform Guidance (2 CFR 200), section 200.313 Equipment and its predecessors, OMB Circular A-110 and OMB Circular A-133 (for federally sponsored projects issued prior to December 26, 2014). 

Policy FA 166 describes the guideline and appropriate procedures to capitalize and depreciate expenditures associated with capital projects including construction, technology, and software projects.

FA 141 states that a department can be approved to establish a petty cash account to reimburse employees for miscellaneous operational expenditures not greater than $75 per item and not purchased through other procurement methods. Examples of expenditures for which departments may use the petty cash accounts are postage, taxi fares, refreshment for meetings, mileage reimbursement, tolls, parking, and supplies. This policy covers the creation, administration, reconciliation, transfer, and closing of petty cash and imprest checking accounts.

FA 181 states the IRS requires that the receipt of any single cash payment or series of payments on a related transaction within a 12-month period that exceed $10,000 must be reported to the IRS. In the University setting, the most frequent payment of this type would be tuition. A single tuition payment or a series of payments exceeding $10,000 must be reported.

Policy FA 137 outlines the procedures that are followed by the University when a payee’s bank returns checks made payable to the University

As part of its normal business operations, Georgetown University (the University) receives funds electronically via wire transfers, Automated Clearing House (ACH) deposits, and credit card sales (collectively referred to as “electronic receipts” for purposes of this policy) for goods and services provided by the University. Policy FA 120 establishes the accounting requirements for unclaimed electronic receipts deposited to the University’s bank account(s). 

Sponsored Accounting Policies

Policy 107 outlines guidance when Participant Costs are applicable to Sponsored Programs. Indirect cost allocations attributable to Participant Costs are the main focus of the policy.

Policy 113 establishes the requirements for recording cost transfers on the financial accounting records of the University. The accounting practices are performed in accordance with internal financial controls and federal regulations.

Policy 119 ensures that revenue from industry sponsored clinical trials at the University is properly recorded. Additionally, it assigns responsibilities associated with the accounting of such trials.

Policy 122 provides guidance regarding Service Centers; including Specialized Service Facilities (SSFs) and Recharge Center Units (RCUs). Additionally, this policy establishes general guidelines for proper rate development and review of federally sponsored awards.

Policy 130 ensures proper accounting of university and externally funded capital equipment. It provides guidance in reporting to sponsoring agencies, planning and formulating budgets, screening for redundant or excessive purchases, and ensuring accuracy of inventory valuation and depreciation expenses. Additionally, this policy ensures that accurate property reports are filed with government and sponsoring agencies at the close of a grant or contract.

Policy 131 provides guidance regarding: 1) effort commitments for sponsored projects, 2) payroll allocations to sponsored projects, 3) certification of effort to sponsored projects; and 4) to conform to OMB Uniform Guidance (2 CFR 200), section 200.430 Compensation for Personal Services and its predecessor, OMB Circular A-21 (for federally sponsored projects issued prior to December 26, 2014) – for which the University follows the prescribed Plan Confirmation method for effort reporting.

Policy 132 provides guidance regarding Cost Sharing; which is the portion of total project costs not paid by the sponsor. Cost Sharing may be required by the funding agency (i.e. Mandatory Cost Sharing) or voluntarily proposed by the University (i.e. Voluntary Committed Cost Sharing).

Policy 143 provides guidance regarding: (1) subrecipient eligibility determinations, (2) assessing and managing risk when passing federal funds to subrecipient organizations, and (3) ongoing subrecipient monitoring activities.

Policy 146 provides guidance related to the monitoring and transfer of unobligated balances in the financial accounting records of the University. This guidance is in accordance with a proper system of internal financial accounting controls, federal regulations, and specific sponsors requirements. Additionally, it ensures that transfers of unobligated balances do not affect award amount, grant and contract revenue, and budgeted indirect revenue collected by the University.

Policy 149 provides guidance related to the timely monitoring, classification and resolution of sponsored projects in the overdraft status.

Policy 158 sets the expectations for proper Financial Reporting and Closeout for sponsored projects. It reinforces the roles and responsibilities of individuals involved in the process, and addresses circumstances that may arise during the award closeout.

Policy 160 provides guidance related to the review and reconciliation of transactions posted to the University’s general ledger. It enhances internal controls, ensures timely adjustments/cost transfers, and prevents overdrafts. Note – the Budget to Actual Reports (BAR) should be used for the review and reconciliation of financial transactions.

Policy 163 states that all university units with material grant activity are required to have a reserve for actual or potential losses arising from sponsored projects activity. To ensure that activities from sponsored projects have sufficient and sustained reserves, the adequacy of the reserve is evaluated quarterly and, when necessary, adjustments to the reserve are posted.

Policy 172 provides guidance regarding Program Income. Program Income is directly generated by a federally sponsored project occurring during the period of performance of that project. Note – Gross income related to licenses or royalties on patents and copyrights are exempt from this policy.

Policy 179 outlines the appropriate procedures for establishing an Advance (at Risk) Grant Account. This is done in anticipation or the finalization of a sponsored award. The creation of an Advance (at Risk) Account aids in the allocation/ assignment of expenses, and reduces the need for a cost transfer.

Policy 186 provides guidance regarding allocating costs to sponsored projects, thus, conforming to OMB Uniform Guidance (2 CFR 200), section 200.405 Allocable Costs, and its predecessor, OMB Circular A-21 (for federally sponsored projects issued prior to December 26, 2014).

Policy 190 establishes the University’s requirements for small business subcontracting plans. Certain percentages of the direct cost expenditures must be spent with suppliers certified under the following Small Business Administration programs:

  • Small Business Enterprise (SMB or SBE)
  • Small Disadvantaged Business (SDB)
  • Woman-owned Small Business (WOSB or WBE)
  • Historically Underutilized Business Zone (HUBzone)
  • Veteran-owned Small Business (VOSB)
  • Service-disabled Veteran-owned Small Business (SDVOSB

Procurement Policies

Miscellaneous Policies