Comprehensive Standard 3.10.5

 

The institution maintains financial control over externally funded or sponsored research and programs. (Control of Sponsored Research/External Funds)

 

COMPLIANCE

 

Narrative:

 

The largest externally funded programs are those listed in the annual audit as federal awards or state awards. For the year ended August 31, 2007 the federal and state grants were presented in Schedule E (federal awards) and Schedule F (state awards). The largest of grants received are federal Department of Education (DOE) grants. The largest of the grants within this group is Pell Grants which totaled $2,264,194 for the year ended August 31, 2007. The total of all DOE grants was $3,346,894 out of the overall total of $3,753,048 for all expenditures of federal awards.  Because of their large  dollar amounts, the Department of Education funds are audited as major programs. The auditorís opinion of the major programs for the year ended August 31, 2007 is that the institution, in all material respects, complied with the requirements applicable to each grant for the year audited.

 

With each grant or contract funds controls are set to follow from the day the grant request is started until the audit of the funds is complete. The Vernon College Employee Handbook outlines the procedures to follow when developing grant proposals. Supervisors have a role in each step of the grant development process. All proposals for grants must be consistent with the published role and mission of the institution.

 

Documentation

 

1.    2007 Vernon College Annual Audit

2.    Schedule E

3.    Schedule F

4.    Developing Grant Proposals, Vernon College Employee Handbook