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University Policies

University Policies

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ROWAN UNIVERSITY POLICY 

Title: Office of Sponsored Programs
Subject: Federal Drawdown Policy
Policy No: pending
Applies: University-wide
Issuing Authority: Sr. Vice President for Health Sciences (signature)
Responsible Officer: Vice President for Research
Adopted: XX/XX/2014
Last Revision: 03/21/2014
Last Reviewed: 08/28/2014

I.PURPOSE

To establish a policy for the timely drawdown of federal funds used for sponsored programs.

II. ACCOUNTABILITY

The Vice President for Research shall provide oversight to the Office of Sponsored Programs to ensure compliance with this policy.

  1. Drawdown Policy & Procedures
    1. 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 or designee.
    2. 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 requirement for cash advances, including holding cash in interest bearing accounts per 40 CFR 30.22(k). Treatment of earned income would also comply with 40 CFR 30.22(k).

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