Monitoring and Reconciling Sponsored Project Accounts
THIS POLICY IS CURRENTLY UNDER REVIEW.
In carrying out its various missions, the University derives funds from numerous sources and expends those funds in order to meet institutional objectives. While some of these funds, like tuition, are commingled and may be used for common purposes, funds provided by Federal and other sponsors of grants and contracts generally require that those resources be accounted for on a project-by-project basis, and therefore cannot be commingled. Good financial management in general requires that those responsible for expending University funds exercise appropriate oversight over the sources and uses of its resources. Accordingly, the University expects that all projects are monitored and reconciled on a regular basis. In particular, given the stricter accountability associated with funds provided by outside sponsors, this policy sets forth a more stringent set of requirements for monitoring and reconciling sponsored projects which are also consistent with Federal standards for financial management systems. This policy formally consolidates those requirements, many of which are encompassed in various other University Policies.
It should be noted that while this Policy is now being formally published in the Administrative Policy Library, the underlying provisions of the policy have been in effect for many years.