Grant Financial Management
The Government and Foundation Relation’s Accounting Associate monitors the financial activity of all grants received by faculty and staff of St. Olaf College.
What this office does:
- Sets up a new accounting unit for the grant
- Determines allowable and unallowable costs on grants - according to budget
- Prepares grant year budget variances
- Draws in funds on monthly bases federal agencies
- Participates in Audit of Federal Awarded Funds
- PI training
- Time and Effort training
- Assists with final grant expenditure reports and close grant accounts
Spending:
St. Olaf policy 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.
National Science Foundation, National Institute of Health, and the Department of Education also have their own set of regulations for grant recipients, as do private granting institutions. As the Principal Investigator/Project Director, it is your responsibility to abide by the rules and regulations pertaining to your granting Agency and the OMB Circulars that bind St. Olaf College:
