Greta Anderson (x3604), Grant Accountant in the Business Office monitors the financial activity of all grants received by faculty and staff of St. Olaf College.
The Grants Accountant/ Business Office can:
- Set up a new accounting unit for the grant
- Determine allowable and unallowable costs on grants – according to budget
- Prepare Grant Budget to Actual Reports
- Draw Federal Agency Funds on monthly basis
- Participate in Audit of Federal Awarded Funds
- Provide Post Award Grant Procedures
- Provide Time and Effort training
- Assist with final grant expenditure reports and close grant accounts
As the Principal Investigator/Project Director, it is your responsibility to abide by the rules and regulations pertaining to your granting Agency and St. Olaf policies and procedures. St. Olaf policies and procedures for travel and business expense reimbursement are created in accordance with IRS tax laws and legal requirements. We may actually exceed those standards in some situations. When a grant is received, St. Olaf institutional policy prevails over the agency unless the agency’s requirements are more restrictive. Grants and agreements awarded by the U.S. Government to St. Olaf are subject to federal government administrative requirements, cost principles, and audit requirements.
Frequently Used St. Olaf Policies and Procedures:
- Accounts Payable
- Business Office Policies and Procedures
- Purchase Card Policies and Procedures
- Travel and Business Expense Policy
U.S. Government Grants and Agreements Compliance
On December 26, 2014, the White House Office of Management & Budget (OMB) released new federal regulations titled “Uniform Administrative Requirements, Cost Principles, & Audit Requirements for Federal Awards.”
The new federal regulations supersede the requirements of previous OMB circulars, including:
- OMB Circular A-21: Cost Principles for Educational Institutions
- OMB Circular A-110: Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals, & Other Non-Profit Organizations
Grants awarded or amended on or after 12/26/2014 are governed under these regulations, commonly referred to as Uniform Grant Guidance, codified under Title 2: Grants and Agreements in the U.S. Code of Federal Regulations. Below is a list of the most pertinent sections of the code governing grants.
- 2 CFR 200 – Uniform Administrative Requirements, Cost Principles, and Audit Regulations for Federal Awards
- 2 CFR 215 – Uniform Administration Requirements for Grants and Agreements with
Institutions of Higher Education…
- 2 CFR 220 – Cost principles for Educational Institutions
In some instances governmental agencies have additional and/or different requirements from those under the Uniform Guidance. Below is a list of common federal government granting agencies with a link to their website’s regulations and requirement:
- The National Science Foundation (NSF),
- National Institute of Health (NIH)
- Department of Education (DOE)
Grants awarded or amended prior to 12/26/2014 will also be governed under the Uniform Grant Guidance regulations.