Financial Management Standards
The federal government in its OMB circular A-110 (Uniform Administrative Requirements for Grants and Agreements With Institutions of Higher Education, Hospitals and other Non-Profit Organizations) and OMB circular A-21(Cost Principals for Education Institutions) set forth the basic grantee financial management standards which apply to all grant programs and provides, among other things, for:
- accurate, current, and complete disclosure of the financial results of each grant program;
- accounting records which identify the source and use of grant funds;
- account control for all grant funds, property, and other assets.
At the University of Florida, these requirements are met through a uniform accounting system that provides the basic controls as well as accounting reports that will assist faculty and their staff in managing contracts and grants. The University accounting system is under the jurisdiction of the Division of Finance and Accounting and the Vice President for Administrative Affairs. Questions or inquiries concerning accounting should be addressed to the Office of Contracts & Grants (302 Grinter, 392-1235), EIES Contracts & Grants Accounting Office (545 Weil, 392-6626), or IFAS Contracts & Grants Accounting Office (2029 McCarty, 392-1735).