Grants Accounting processes the financial transactions of grants and contracts that have been awarded through Research and Sponsored Programs. The funds are sometimes referred to as "Restricted Fund" accounts because they have been awarded for a specific purpose, with a restricted budget. They are governed by a variety of laws, regulations, and guidelines promulgated by the University and other state agencies, which are responsible for the operation of this institution.
In addition, sponsoring agencies develop their own rules and regulations. These regulations range from zero governance by certain private sponsors to very complex regulations such as those described in the U.S. Office of Management and Budget Circulars A-21 and A-110 which are implemented according to the dictates of several federal granting agencies.
The Office of Management and Budget has issued new federal regulations effective 12/26/14. The new OMB Uniform Guidance at 2 CFR 200 has many changes for all sponsored projects.
For procurement of goods and services, see the Purchasing website. In addition, the Uniform Guidance provides detailed and prescriptive methods by which research institutions should procure goods and services under a federal award costing $3,000 or more. This includes stricter requirements for solesource purchases. The Guidance emphasizes the documentation requirements and internal written procedures for procurement (UG 200.317-326). The Office of Management and Budget has provided a two-year grace period to comply with these standards, with an effective date of July 1, 2017.