Grant and Contract Accounting (GCA)
The Grant and Contract Accounting (GCA) department provides accounting and financial compliance services for sponsored projects awarded to the Illinois Institute of Technology (IIT). In addition GCA oversees compliance with University policies and procedures, as well as federal and non-federal rules and regulations required by various funding agencies.
GCA's main functions include, but are not limited to:
· Banner post-award setup and notification
· Grant financial compliance
· Grant reconciliations and financial analysis
· Cost transfer and salary reallocation processing
· Sub-recipient processing and monitoring
· Grant invoicing and financial reporting
· Grant cash management
· Grant and contract closeouts
· Indirect costs
· Time and effort reporting and maintenance
Office of Management and Budget (OMB) Uniform Guidance
The Office of Management and Budget (OMB) has issued new guidance under Title 2 of the Code of Federal Regulations (CFR), which establishes uniform cost principles and audit requirements for all Federal awards to non-Federal entities, and administrative requirements for all Federal grants and cooperative agreements. This guidance is effective as of December 26, 2014.
The new Uniform Guidance supersedes requirements of OMB Circulars A-21, A-50, A-87, A-89, A-102, A-110, A-122 and A-133.
Information related to the new Uniform Guidance can be accessed via the following sites:
OMB Uniform Grant Guidance
2 CFR, Part 200 - Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards
Council on Financial Assistance Reform (COFAR)
National Science Foundation (NSF) Proposal and Award Policies and Procedures Guide (PAPPG)