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MSU Home :: Restricted Grants & Contracts

Restricted Grants & Contracts 

The Office of Accounting and Financial Services strives to provide central accounting and financial services for the University and its financial affiliates. Restricted Grants/Contracts or Sponsored Programs, once awarded through Research & Sponsored Programs, are established in Morehead State University's financial systems through the Office of Accounting and Financial Services staff. Restricted Grants/Contracts support the research, instruction and outreach activities of Morehead State University.

The Office of Accounting and Financial Services, Restricted Grants/Contracts Accounting staff is committed to providing efficient and effective financial management services to all University departments and administrative staff in the administration of grants and contracts. We are dedicated to serving faculty, staff, administrators, and external entities by providing relevant financial information that is accurate and timely. We further recognize our obligations to meet all compliance factors and guidelines while acting as prudent, conscientious managers of financial resources for Restricted Grants/Contracts administrators.

Our responsibilities include:
 

  • Reviewing proposal budgets for financial accuracy and compliance with university practices.
  • Establishing new Restricted Grants/Contracts accounts.
  • Enforcing policies and procedures consistent with federal, state, sponsor, and university regulations.
  • Payment of financial transactions, making deposits for Restricted Grants/Contracts accounts.
  • Preparing and submitting financial reports and invoices.
  • Providing assistance to project directors and their personnel.
  • Closing out Restricted Grants/Contracts. 

Important Information

Restricted Fund Accounting requires special attention and a great deal of work—but these projects help to support the research, instruction and outreach activities of Morehead State University. There are basic things to know in order to ensure a restricted grant/contract is administered properly.

  • Work closely with Research & Sponsored Programs at the proposal level (pre-award) to budget your project appropriately and work to resolve any issues that may arise before your project has been awarded. Once your project is awarded it is more difficult to negotiate changes. 
  • Read your grant/contract paperwork carefully and ask questions before you begin work. 
  • Know when your project ends and keep track of your grant/contract account number. 
  • Understand your cost share commitment and document all transactions associated with it. 
  • Forms for reimbursement must be: 
    • Submitted in a timely manner
    • Filled out properly
    • Properly authorized
    • Substantiated with proper documentation
    • Submitted before the end date of the project.
     
  • Time and Effort reports are MANDATORY! Without them the University is not in compliance with federal regulations.
  • Morehead State University fronts the costs associated with most restricted grants/contracts and the funding agency reimburses MSU based on many rules and regulations. If any rule or regulation is not followed, the funding agency may not reimburse the University the cost of the project.
  • The Project Director has the overall responsibility for the technical and fiscal management of the project, including managing the project with the funding limitations and notifying the sponsor of any significant change. 
  • He/she should be thoroughly familiar with the agency regulations applicable to each project under his/her control. Failure to comply with the terms and conditions of a grant or contract is grounds for project termination by the agency. 
  • The following practices are inappropriate for charging direct costs to a sponsored project: 
    • Assigning costs to projects in order to resolve an excess balance available on an project, this includes: 
    • Assigning large equipment expenditures at the end of a project. 
    • Increasing salary expenses on a project with an available balance when it is not consistent with the actual 
    • effort expended. 
    • Charging an expense exclusively to one award when the expense was used to support other activities. 
    • Assigning expenses to a project that is not identifiable to a specific item or service. 
    • Assigning charges to an award before the cost is actually incurred. 
     
  • All personnel requests must be submitted to the Office of Human Resources before work begins, including all student workers. 
  • Please contact the restricted grants/contracts staff in Accounting and Financial Services anytime the funding agency contacts you.

 

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