Ohio Administrative Code › Title 3358:5 - Clark State College › Chapter 3358:5-11 - College Policies on Expenditures, Technology In General › Section 3358:5-11-28 - Cash management, grant and contracts policy

Current through all regulations passed and filed through July 1, 2024
(A)
								Clark State
			 College receives external funding from various sources for grants and
			 contracts, with the largest source being the Federal Government. The College
			 will comply with federal regulations including those from the office of
			 management and budget (OMB's 2 CFR 200 Uniform Administrative Requirements),
			 and the Electronic Funds Transfer Act (15
			 U.S.C. 1693-1693r).
			 Cost principles and audit requirements will be adhered to as specified in any
			 governmental award.
(B)
								Clark state college requires complying with the
			 college's policies and procedures as well as the grant's and contract's terms
			 and conditions, and any regulations regarding the charging and reporting of
			 costs on the award(s).
(C)
								Clark state college will provide accurate, timely, and
			 complete disclosure of the financial results of grants and contracts. Timely
			 recording of transactions required and final reporting of required reporting
			 and closeout requirements.
(D)
								The purpose of
			 this policy is to provide guidance for the monitoring and collection of cash
			 and accounts receivable on sponsored awards in accordance with federal and
			 other non-federal sponsor requirements. The objective is to ensure consistent
			 and timely processing of grant and contract revenues as well as reducing the
			 college's exposure to delinquent or uncollected funds.
(E)
								This policy
			 applies to all grants and contracts and must be followed by all individuals
			 involved operationally or in administering grants and contracts on behalf of
			 the college.
Standards for cash advance
			 payment method
(1)
										The drawdown reimbursement request mechanism is
			 preferred over the payment-in-advance mechanism for receiving grant/contract
			 award payments. Drawdown requests for cash reimbursement of allowable grant
			 expenditures will be as determined by the grant agency or the business office
			 monthly, unless an alternative longer interval is specified and permitted under
			 a specific grant award.
(2)
										Drawdown reimbursement requests must be substantiated
			 by sufficient support to justify the request, including general ledger
			 reporting that reconciles (a) recorded grant expenditures and (b) recorded
			 grant revenues to (c) the drawdown amount requested.
(3)
										Clark state
			 college shall make timely payment to contractors in accordance with contract
			 provisions.
(4)
										Clark state college shall account for all receipts,
			 obligations, and expenditures of grant and contract funds.
(5)
										Advance payments
			 will be deposited and maintained in insured accounts whenever
			 possible.
(6)
										Advance payments will be interest-bearing accounts
			 unless the following apply:
(a)
											The best reasonable available, interested bearing
			 account would not meet required guidelines as noted in the grants and
			 contracts;
(b)
											The depository would require an average or minimum
			 balance so high that it would not be feasible within expected federal and
			 non-federal cash resources;
(c)
											The banking
			 system prohibits the type interest bearing requirement in the grants and
			 contracts.
(d)
											Pursuant to federal law and regulations, Clark state
			 college may retain interest earned for administrative costs as allowed. Any
			 additional interest earned on advance payments deposited in interest-bearing
			 accounts must be remitted according to the government contract as prescribed in
			 the grant and contract and federal law. Remittances shall include pertinent
			 information of the payee and nature of the payment.
(7)
										Applicable laws,
			 regulations, and guidance
2 C.F.R.
			 200.305