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Sponsored Project Cost Share: Difference between revisions
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The principal investigator is responsible for maintaining records of all project related costs, including cost share through the use of a cost share companion account.<br /> | The principal investigator is responsible for maintaining records of all project related costs, including cost share through the use of a cost share companion account.<br /> | ||
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Per federal regulations ( | Per federal regulations (OMB Circular A-110, Subpart C. 23) cost sharing must be accounted for through university financial records. To identify, track and report cost share commitment on sponsored projects, UNMC uses three mechanisms: | ||
*UNMC Internal Budget: UNMC policy requires that the amount, category (e.g., salary, equipment) and type of cost share (i.e., mandatory or voluntary committed) and its funding source (i.e., cost center) be documented on UNMC’s internal budget. | *UNMC Internal Budget: UNMC policy requires that the amount, category (e.g., salary, equipment) and type of cost share (i.e., mandatory or voluntary committed) and its funding source (i.e., cost center) be documented on UNMC’s internal budget. | ||
*Cost Share Companion Account: UNMC policy requires that [https://info.unmc.edu/management/finance/spaccounting/proc_for_cost_sharing__companion_accounts_ver4-1.pdf UNMC Procedures for Cost Sharing and Companion Accounts] be established to document that: | *Cost Share Companion Account: UNMC policy requires that [https://info.unmc.edu/management/finance/spaccounting/proc_for_cost_sharing__companion_accounts_ver4-1.pdf UNMC Procedures for Cost Sharing and Companion Accounts] be established to document that: | ||
:*cost share commitments to the sponsored project were met | :*cost share commitments to the sponsored project were met | ||
:*funds used to meet matching requirements were used only once | :*funds used to meet matching requirements were used only once | ||
== Criteria for Determining Allowable Cost Share Expenses == | == Criteria for Determining Allowable Cost Share Expenses == | ||
In general, cost shared expenses must meet the same standards as expenses made using the sponsor's funds. In addition, cost-shared expenses must be: | In general, cost shared expenses must meet the same standards as expenses made using the sponsor's funds. In addition, cost-shared expenses must be: | ||