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Comprehensive Standards 3.10.5

The institution maintains financial control over externally funded or sponsored research and programs. (Financial and Physical Resources)

compliance

Summary

Cape Fear Community College (CFCC) demonstrates compliance with this comprehensive standard by maintaining financial controls over all externally funded grants and/or programs. Regardless of funding source, all financial transactions follow the same purchasing guidelines and the Cape Fear Community College Cash Management Plan. Each grant or program is accounted for individually to easily track budgets, revenues, expenditures, and encumbrances. Financial reports are provided to the appropriate grantors and budget managers. Since CFCC is not a research institution that aspect of the standard does not apply.

Narrative

Cape Fear Community College maintains financial control over externally funded grants or sponsored programs, but is not a research institution. Externally funded grants follow the same financial and purchasing guidelines as all other college funds. All financial activities follow the same budgetary and financial controls regardless of funding sources (Cash Management Plan). Externally funded grants are accounted for individually and are established within institutional funds. Each fund tracks the assets, liabilities, revenues, and expenditures for each grant. Financial reports are provided to the appropriate budget manager and granting agencies.

Documentation

Source Location

Cash Management Plan,
CFCC Business Office

cfcc_cash_mgmt_plan.pdf

 

 

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