VCOM Institutional Policy and Procedure Manual

VCOM Policy and Procedure

Policy #U027

Edward Via College of Osteopathic Medicine

Policy Order No. U027 Effective Date: August 1, 2019

Signature on File __________________________ Dixie Tooke-Rawlins, D.O. President and Provost ___________________________________________________________________________________ VCOM Policy on Financial Management of Federal Funds ___________________________________________________________________________________ 1. PURPOSE..............................................................................................................................................1 2. DEFINITIONS ......................................................................................................................................1 3. PROCEDURES .....................................................................................................................................2 3.1. Identification ...................................................................................................................................2 3.2. Reporting and Records ....................................................................................................................2 3.3. Internal Controls ..............................................................................................................................2 4. DURATION OF POLICY....................................................................................................................3 1. P URPOSE The purpose of VCOM’s Policy on Financial Management of Federal Funds is to ensure correct financial management of federal and federal flow through funds as required by 2 CFR § 200.302, which establishes the requirements for financial systems for non-federal entities. The requirements apply to all federal agreements (grants and cooperative agreements), including federal funds received by the college from other organizations and state agencies (federal flow-through funds). Through administration of this policy, the college ensures its financial management system provides for the proper expending and accounting for federal funds. 2. D EFINITIONS Federal Awarding Agency: Federal agency that provides a federal award directly to a non-federal entity. Federal Program: a) All federal awards which are assigned a single number in the CFDA. b) When no CFDA number is assigned, all federal awards to non-federal entities from the same agency made for the same purpose must be combined and considered one program. c) Notwithstanding paragraphs (a) and (b) of this definition, a cluster of programs. The types of clusters of programs are:

1) Research and development (R&D); 2) Student financial aid (SFA); and 3) “Other clusters,” as described in the definition of Cluster of Programs.

VCOM Policy on Financial Management of Federal Funds

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