Comprehensive Standard 3.10.5
The institution maintains financial
control over externally funded or sponsored research and programs. (Control
of sponsored research/external funds)
aCompliance___Partial Compliance___Non-Compliance
Narrative:
Lawson State Community College is not a research institution but the College will pursue grants from local, state and federal sources that offer funds to Postsecondary educational institutions. Applications are prepared for funds that relate to mission, goals and objective of the college. (Policy 319.01)
An evaluation of each grant will be made by the President and President’s Cabinet to determine its usefulness to the College. All grant applications are submitted to the awarding agency through the Office of Sponsored Programs (OSP). (Grants and Contracts Manual). After the grant has been funded, the OSP, the appropriate dean, the grant director, and the Grants Accountant will be responsible to administer the program. Periodically, programmatic and financial reports will be furnished by the Business Affairs Office to the President and President’s Cabinet for evaluation.
The Director of Title III/Office of Sponsored Program participates in the formulation of polices affecting sponsored programs and advises the Vice President and or/or the President on grants, contracts and sponsored projects policy-related matters at the college. The Director is responsible for processing all grants and contacts requests to be submitted to federal agencies, national laboratories, foundations, corporations, associations, organizations, philanthropists, local and state governments or other non-governmental entities
Externally funded programs are subject to same budget oversight and controls as all college funds in accordance with policies and procedures outlined in the Business Office Procedure Manual. The college maintains a separate sub-fund in its institutional funds to monitor each program and to provide the directors necessary financial information. Budgets are maintained based on the objectives, activities and approved budget by the funding agency. Program directors have the ability to go online and review budgets daily. Expenditure levels are monitored by the Grants Accountant in order to prepare periodic requests for reimbursements. Revenues and expenditures are reconciled to ensure all funds due the college are properly and timely requested. The Business Office provides periodically financial progress reports to the President.
Externally funded programs are also audited or reviewed as a part of the annual financial statement audit. This process includes a review of the internal controls over all financial resources, including externally funded programs. Federal Grants and contracts makes up approximately 51% of the college’s revenue in fiscal year 2007/2008. (Schedule of Federal Awards)
Documentation:
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Documentation |
Location |
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State
Board Policy |
|
|
Business
Office Procedures Manual |
|
|
Grants
and Contracts Manual |
|
|
2003/2004 Audited Financial Statement Schedule of Federal Awards |
|
|
2004/2005 Audited Financial Statement Schedule of Federal Awards |
|
|
2005/2006 Audited Financial Statement Schedule of Federal Awards |
|
|
2006/2007 Audited Financial Statement Schedule of Federal Awards |
|
|
2007/2008 Audited Financial Statement Schedule of Federal Awards |