Establishing A Cost Sharing Account
When a funded proposal budget includes project costs that will be borne by the University (grantee) and/or its external partners, there is a requirement to maintain records of those costs which may be audited. If the cost sharing is in the form of a cash match, an account must be established to which charges will be applied. For example, if the University has stated that $100,000 in equipment will be purchased with University funds in support of a funded project, an expenditure account with a budget of that amount must be set up in the Financial Management System. The PI/PD would be able to expend those funds during the period of the project for the purpose(s) stated in the approved budget. If the cost sharing is in the form of in-kind services, records must be maintained by the PI/PD that show how the value of those services has been determined. For example, the value of the time contributed by an individual at no cost to the project (attendance at meetings, development of materials, coordinating group activities, etc.) would be calculated based on his/her base salary. Logs, minutes, reports, etc. must show that the individual contributed the time proposed.