Loyola University Chicago

University Policies

Sponsored Program Accounting

Financial Policies

Policy NameDescriptionCompliance DriverApplicabilityLast Review

Advance Account Authorization Forms

A department/investigator may, at its own risk, request an Advance Accounting Unit (AU) if it is certain that an award will be made

NIH Grants Policy Statement,Office of Management and Budget (OMB) Circulars A-21 and A-110

Faculty OR Staff

04/07/2017

Advance Account Guidelines

A department/investigator may, at its own risk, request an Advance Accounting Unit (AU) if it is certain that an award will be made.

NIH Grants Policy Statement,Office of Management and Budget (OMB) Circulars A-21 and A-110

Faculty OR Staff

04/07/2017

Central Clinical Trial Accounts Policies and Procedures

To ensure that costs related to clinical studies performed at Loyola University Chicago are properly charged according to protocol. The policies and procedures are to ensure compliance with federal cost principles, consistency in accounting and costing practices, and flexibility to meet the uniqueness of clinical studies.

Office of Management and Budget (OMB) Circular A-21

Faculty OR Staff

11/08/2006

Certification of Student Participation on Sponsored Research Projects

Policy and procedures to document and certify a student's committed effort on a sponsored project for any graduate student, post-doctoral student, resident or fellow who is not receiving a stipend or salary from the sponsored program.

Office of Management and Budget (OMB) Circular A-21

Faculty OR Staff

09/18/2017

Cost Overdraft Policy

To establish responsibility regarding unresolved sponsored project overdrafts. Overdrafts are comprised of salary and/or other direct cost expenditures, including commitments, which exceed the authorized total sponsored project award amount.

Office of Management and Budget (OMB) Circular A-110

Faculty OR Staff

04/07/2017

Cost Transfer Policy

University and federal policies require prompt transfers to grants and contracts. All retroactive transfers must be made within 90 days of the posting and must be reasonable, allocable, and allowable.

Office of Management and Budget (OMB) Circulars A-21, A-110 and A-133

Faculty OR Staff

04/07/2017

Effort Certification Policy, Definitions & FAQs

To comply with the federal regulation of OMB Circular A-21, the University must provide clear direction for faculty and staff for determining effort when preparing proposals and payroll forms. It is necessary to track and confirm certification of effort by the University personnel.

Office of Management and Budget (OMB) Circular A-21

Faculty OR Staff

08/18/2017

Gift Card Policy

Guidelines and procedures for the purchase and distribution of gifts and gift cards/certificates purchased with University funds to ensure compliance with the University’s tax withholding and reporting obligations.

Controller of General Accounting, Director of Purchasing, IRS

Faculty OR Staff

09/04/2014

Grant Expenditure Review Policy

Principal Investigators (PI) of extramurally funded grants or contracts are required to review their grant and contract accounting units (5XXXXX series) on a monthly basis. The monthly review is designed to ensure that all expenditures are allocable, allowable and reasonable and to correct any errors or discrepancies in a timely manner.

Office of Management and Budget (OMB) Circulars A-21, A-110 and A-133 requirements

Faculty OR Staff

03/03/2017

Grant vs. Gift Indicator Checklist

To provide clarification on the differences between "Gifts" and "Grants". Includes a checklist of indicators to be used in determining the appropriate classification for external funds.

Generally Accepted Accounting Principles (GAAP)

Staff OR Faculty

08/04/2017

Research Study Participant Payment

This policy establishes the options for research study participant payment, including advances and replenishment of research funds, to facilitate human subject research.

IRS

Faculty OR Staff

04/26/2007

Signature Card Policy

In order to comply with federal regulations, only those individuals who have signed the signature card will be able to approve expenses such as check requisitions, purchase requisitions, patient charges, expense transfer requests, etc. for that account.

Office of Management and Budget (OMB) Circulars A-21, A-110 and A-133

Faculty OR Staff

04/18/2017

Subaward Policy

Policies and procedures for establishing and administering a subcontract on a sponsored project.

Office of Management and Budget (OMB) Circular A-110

Faculty OR Staff

03/16/2017

Unallowable Cost Policy

The federal Office of Management and Budget (OMB) Circular A-21 describes the costs that are eligible for reimbursement under federal grants and contracts (allowable costs), and the costs that are not eligible for reimbursement (unallowable costs).

Office of Management and Budget (OMB) Circular A-21

Faculty OR Staff

08/18/2017

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