Restricted Fund Accounting Policies and Procedures
Setting Up Contracts and Grants
Effective Date: July 1, 2009
Board Approval: June 9, 2009
1. Purpose
To define the steps that must be taken to establish accounting and budget controls for contracts, with the exception of State Custom Fit (see Procedures 06-21).
2. Procedures
2.1. Application/Proposal: Designated staff prepares the application or proposal for the contract with appropriate input and approval from the appropriate Administrator.
2.2. Submission: Submit the application or proposal with the Campus President's signature to the granting entity, and forward a completed copy to Fiscal Services for central filing.
2.3. Award Receipt: If funding is approved, designated staff will receive the award letter, contract, or grant award from the funding entity.
2.4. Contract Summary (Staff/Admin): Designated staff prepares "Contract Summary Sheet" Sections 1 & 2 and obtains the appropriate Administrator's signature.
2.5. Campus President Review: Administrator forwards the contract summary sheet and contract to the Campus President for his/her signature.
2.6. Forward to Fiscal Services: Campus President completes the cover letter with instructions and forwards everything to Fiscal Services for the establishment of budgeting and accounting controls, and central filing.
2.7. VP Finance/Operations Action: VP Finance and Operations or designee researches fiscal requirements, establishes budgets, account numbers, and proper accounting controls.
2.8. Payroll Notification: VP Finance and Operations or designee notifies payroll that personnel charges may be charged to the contract account numbers for timesheets approved by Accounting (detailed in Procedure 06-03).
2.9. Staff Notification: Fiscal Services informs appropriate staff of the contract budget and accounting controls, and that charges can be made to the contract in accordance with generally accepted accounting principles, contractual requirements, and TATC policies and procedures.
2.10. Program Management: Appropriate staff implements and manages the program or contracted services.
2.11. Fiscal Monitoring: Fiscal Services monitors compliance with budget and accounting controls, and provides necessary related fiscal information to staff.
2.12. Staff Accountability: Staff monitors compliance of contractual and legal requirements, and prepares and submits required accountability reports.
2.13. Central Filing: Copies of accountability reports are forwarded to the Fiscal Services for central filing.