Subject Area: Sponsored Awards
Responsible Office: Financial Services
Sponsor: Chief Financial Officer
Originally Issued: October 1992
Revised: August 2007, February 2010
Refer Questions To: Christine Sorensen, 773-702-2398
Purpose: To establish responsibility for the accounting of sponsored programs.
Financial Services is responsible for establishing and maintaining policies and procedures for:
- Authorizing and maintaining accounts for sponsored projects.
- Collecting funds from awarding agencies.
- Submitting financial reports to awarding agencies.
- Complying with sponsored program agreement requirements relative to the funding of expenditures and financial reporting.
- Sponsored projects are accounted for in subsidiary Ledgers 5 and 6 of the financial accounting system.
- Upon a department’s request, Financial Services will authorize advance accounts for a sponsored award in advance of University Research Administration’s receipt and acceptance of the award provided that University Research Administration (URA) has submitted the award proposal to the funding agency.
- Where advance accounts have not been assigned, Financial Services will authorize accounts for sponsored awards upon URA’s receipt and acceptance of an award.
- In the event that an advance account has been established and an award is not received or accepted, the school/division/department accepts financial responsibility for any non-reimbursed costs. (See Financial Policy No. 2105, Financial Responsibility).
- Commingling funds from individual sponsored awards or other restricted sources is not allowable.
- Separate accounts must be created to account for expenses incurred at on and off-campus locations.