If expenses are to be charged to a sponsored program, the terms of the grant or contract will take precedence if they are more restrictive than University policy. Deans and equivalent officers are further responsible for ensuring approval authority is used properly. Note specifically that, if the subject of the transaction is the person approving it, an additional level of approval is required. In some cases, additional approval from central units is also required. All supervisors are obligated to ensure that staff are trained in the use of that system as appropriate to their function.
Individuals initiating transactions are responsible for obtaining proper authorization.
Accurate recording includes adequate descriptions of transactions and the correct use of Banner Fund and Organization codes to identify the Cost Centers involved and appropriate Account codes for expenditure object and revenue source. The University's fiscal year, ending on June 30 th , is used for financial reporting. Restricted funds may only be used in accordance with the purposes established by the external source of funds. Resources are classified for accounting and reporting purposes into fund groups that characterize the sources of revenue and specific activities or objectives. Separate Cost Centers are maintained for each fund, and transfers between funds must be adequately justified and approved.