Supplies and Expendable Property
- Effective: 06-30-2016
- Last Revised: 06-30-2016
- Responsible University Administrator: Vice Chancellor, Business, Finance & Business Development
- Responsible University Office: Grants Accounting
- Policy Contact: Grants Accounting • unograntsaccounting@unomaha.edu
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Policy Contents
Scope
Title to supplies and other expendable property vests with the University of Nebraska Omaha (UNO) upon acquisition. Please contact Grants Accounting if the residual inventory of supplies exceeds $5,000 in total aggregate value upon completion of a Federally funded grant or contract.
The Federal Government must be compensated for the supplies if they are used for non-federal-sponsored activities or if they are sold.
Policy Statement
Projects funded with restricted funds are set up in a restricted fund WBS so the expenses can betracked and monitored to ensure they are in accordance with the awarding agency’s regulations as well as any federal regulations.
Reason for Policy
Restricted funds must be managed in accordance to the awarding agency’s guidelines. In addition, federally funded projects must be managed in accordance to Uniform Guidance.
Related Information
UNO Grants Accounting’s website has other pertinent information regarding restricted funds.
History
Uniform Guidance was issued December 26, 2014, replacing the former OMB Circulars.
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