CR. Financial Management of Grant Funds  Policy

For each grant awarded to South Plains College, the grant accountant will assign unique account numbers to each individual grant upon the receipt of award notification. These account numbers will be used to track all revenue and expenses associated with the grant.

The grant accountant uses Excel spreadsheets for tracking expenses, comparing budget to actual expenditures and tracking remaining funds available. The majority of grant funds are requested on a reimbursement basis. This complies with  the requirements of the CMIA (Cash Management Improvement Act of 1990). The only exception to requesting on a reimbursement basis is when awarding agency sends funds upon award notification.

Staff involved in the fulfillment of the grant, will make purchases in compliance with both the grantor's and college's procurement policies and procedures (to include competitive bedding) and will insure by means of general ledger coding that said expenses are associated with the grant.

The grant accountant reconciles the general ledger accounts to the financial progress report used to request funds from the grantor. Revenue received when requested is posted to a unique revenue account used to identify the grant.