ROWAN UNIVERSITY POLICY
Title: Federal Drawdown
Subject: Office of Sponsored Programs
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Policy
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No:
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OSP: 2015: 06
Applies: University-wide
Issuing Authority:
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Vice President for
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Research
Responsible Officer:
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Director of Post-Award
Adopted:
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05/
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20/2014
Last Revision:
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02/
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26/
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2024
Last Reviewed:
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02/
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26/
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2024
I. PURPOSE
The purpose of this policy is to outline drawdown process
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- PURPOSE
To establish a policy for the timely drawdown of federal funds used for sponsored programs.
II. ACCOUNTABILITY
The Under the direction of the Vice President for Research shall provide oversight to the Office of Sponsored Programs to , the Director of Post-Award shall implement this policy and ensure compliance with this policy.
III. APPLICABILITY
This policy applies to all faculty, employees and students of the University and grants and sponsored projects whose purpose of the project(s) is research.
IV. REFERENCES
2 CFR 200.305 - Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals, and other Non-Profit Organizations
V. POLICY
- Rowan University’s Drawdown Policy & Procedures Rowan University's Office of Sponsored Programs (OSP) draws down federal funds that support activities managed by OSP approximately once per quarter, unless the federal granting agency requires another time interval. The draw down process is performed by either the Grants Accounting Manager Director of Post-Award or designee. Drawdowns will be reconciled against Federal Financial Reports submitted.
- Typically, federal funds are not drawn down until they have been spent unless a cash advance has been authorized by the funding agency. If this is the case, OSP will adhere to the agency's agency’s requirement for cash advances, including holding cash in interest bearing accounts per 40 2 CFR 30.22(k). Treatment 200.305Treatment of earned income would also comply with 40 2 CFR 30.22(k).200.305.
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