Local units must also adhere to the provisions of the Foreign Corrupt Practices Act . Expenses must be adequately substantiated. Advances in excess of substantiated expenses must be returned within 30 days from the end of the trip. The University may be liable for penalties and fines for non-compliance. Local units must be aware of and comply with these rules.
Contracts are a type of transaction with unique properties.
A structure should be established locally to ensure that only appropriate employees enter into contracts on behalf of the University. Contracts should be carefully reviewed to ensure terms are reasonable including services to be performed, deliverables, term and payments. After July 1, these monthly reports will be on-line and local units will need to take responsibility for accessing these reports and establishing a structure to ensure senior financial managers perform regular reviews. Post auditing will be performed centrally by AP, Tax, Travel, and Sponsored Research. Exception reporting has been designed to identify and report transactions for follow up review.