Financial Services Manual (FIN)

Effective: 10/1/1998

Revised: 3/1/2005

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FIN 301–03: Deposits—Grant and Contract Funds

Purpose

To deposit federal, state, and local government grant and contract funds properly

Source

University policy

Policy

All federal, state, and local government grant and contract funds are to be deposited only into a sponsored project account and not to any ASU departmental accounts. The only exception is federal, state, and local government financial aid funds that are to be deposited directly to a financial aid account administered by the Financial Aid and Scholarship Services.

For private grants and contract funds meeting the criteria specified in FIN 211, “Sponsored Project Agency/Orgs,” the Office for Research and Sponsored Projects Administration is to be contacted for the decision about where to deposit the funds. If such funds are appropriately deposited to the ASU Foundation, these funds must then be transferred to an ASU sponsored project account for spending. Under no conditions can sponsored project funds be administered by the ASU Foundation.

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