IFAS Internal Management Memoranda

IFAS; Combined Grants Accounts and Record Maintenance Procedures

EFFECTIVE DATE: December 1, 1993

INTERNAL MANAGEMENT MEMORANDUM NUMBER: 6C1-6.40-8 (Revised)

SUBJECT: IFAS; Combined Grants Accounts and Record Maintenance Procedures

  1. Grants received by IFAS units which meet the following two conditions are usually placed into the unit's Combined Grants Account:

    1. Sponsor does not require any financial reports.

    2. Sponsor does not require billings.

    However, separate accounts will be considered for unusually large grants upon request of unit administrator at the time the IFAS Sponsored Program Agreement is submitted to the IFAS Sponsored Programs Office.

  2. When the funds for grants meeting the above criteria are placed in the unit's Combined Grants Account, they are comingled with those from other grantors.

  3. Unit administrators will maintain a simple record on a fiscal year basis of purchases, personnel costs, and travel costs expended from the Combined Grants Account. This record must be retained in the unit for three years after the close of the fiscal year.

  4. Even though financial reports and billings are not required, other provisions be required by grantors. See IFAS Internal Management Memorandum Number 6C1-6.50-4, IFAS; Sponsored Program Agreement (SPA) Procedure.