Section 3: Comprehensive Standards
3.10.5 The institution maintains financial control over externally funded or sponsored research and programs.
Judgment of Compliance:
Compliance
Narrative/Justification for Judgment of Compliance:
Christopher Newport University is in compliance with this comprehensive standard. The University's sponsored research programs are audited by federal auditors and Virginia's Auditor of Public Accounts in accordance with the Office of Management and Budget (OMB) Circular A-21. All externally funded or sponsored research and programs are managed by the Office of Sponsored Programs. Each grant is governed by its own policies and procedures, which are subject to audit scrutiny through the Single Audit Act. Indirect cost policies are dictated by the state CAAP Manual, as are all policies governing the expenditures of external funds.
Policies governing the expenditure of external funds, including indirect cost policies, are developed in coordination with the University Comptroller and published in the University Handbook (pg 85, Section XI, 5 (c) (e-f)) and on the website of the Office of Sponsored Programs. Externally funded program and research grant accounts are managed in accordance with the institution's financial policies and procedures, and with OMB Circular A-21, Cost Principles for Educational Institutions, and OMB Circular A-110, Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals, and Other Non-Profit Organizations. The same guidelines and regulations pertain to the processing, and tracking of expenditures conforms to the usual state account regulations, as well as those of the funding agency.
The Director of the Office of Sponsored Programs manages external program and research agreements, while the University Comptroller and Grants Accountant oversee the posting of expenditures, accounting documentation, indirect cost recovery and allocation, and financial reporting.
Personnel expenses charged to externally funded grant accounts are initiated by the Director of Sponsored Programs in accordance with the policies of the funding agency budget as well as institutional policy. Expenses such as materials and supplies are reviewed for accuracy and appropriateness by the Grants Accountant, Business Office, in accordance with institutional policy, approved budget, terms and conditions of the funding agency, and in accordance with OMB Circulars A-21 as noted above.
Final Financial Reporting is initiated from official financial records kept by the Business Office and sent directly to the funding agency within 90 days of end of grant or contract period.
Support Documentation:
FY 2002 Audit
FY 2003 Audit
FY 2004 Audit
FY 2005 Audit
FY 2002 Single Audit Report
FY 2003 Single Audit Report
FY 2004 Single Audit Report
CAAP Manual – Expenditures of External Funds
CAAP Manual – Indirect Cost Policies
University Handbook 06-07, Indirect Cost Recovery
University Handbook 05-06, Section XI, 5 (c) (e-f)
Office of Sponsored Programs Indirect Cost Policy
Budgeting Guidelines
Additional Live Web Resources:
Office of Sponsored Programs website: http://sponsoredprograms.cnu.edu/indirectcost.html