Drexel University's financial accounting policies and procedures follow the generally accepted accounting principles of Fund Accounting as prescribed by the National Association of College and University Business Officers (NACUBO), the American Institute of Certified Public Accountants and the Financial Accounting Standards Board (FASB).
Activity codes are optional four digit numerical codes in FAS that may be used to define the activities of a unit in more detail than is available through the account codes.
Cash Deposit Procedure
All Drexel University cash, check, and credit card receipts (other than patient deposits, gifts, donations and research grants/contracts) must be promptly deposited at a University Cashier's Office.
Cash Reimbursement Procedures
In accordance with the University’s Business Travel Expense Policy, reimbursements or advances for travel and local business expenses will be paid via check or direct deposit for employees enrolled in paycheck direct deposit.
Clinical Deposit Policy
All department/practice site deposits will be handled on a daily basis either by routing to a designated drop box or University Cashier's Office, pick-up by an armored courier or managed through an on-site safe for scheduled armored courier pick-ups.
Cost Transfer Policy
The University has a stewardship responsibility for all externally sponsored funds. Proper management of sponsored project expenditures is essential to meet this obligation. Therefore, The Cost Transfer Policy will be consistently applied to all sponsored project agreements.
Effort Reporting Policy
This policy describes the University's commitment to educate, implement and manage its processes and procedures related to Effort Reporting.
Financial Accounting System
The Financial Accounting System (FAS) is an on-line integrated financial accounting system that records, monitors and maintains all accounting and financial transactions of the University except for the University’s subsidiary corporation Academic Properties, Inc. that has a separate accounting system.
Graduated Students Appointment Title
The purpose of this policy is to ensure proper tax withholding and reporting for graduate students receiving funding from federally sponsored research grants, training grants, or university sources.
Independent Contractor Classification Policy
Depending upon a number of factors outlined in this Policy, in certain instances an individual service provider must be classified by the University as an employee, subject to tax withholding, and may not be treated as an independent contractor.
Non-Compensation Approval Authorization Policy
The Non-Compensation Approval Authorization Policy supersedes the Signature Authorization Policy. This policy sets out the approval authorizations and procedures required for processing financial transactions within the University.
Office Of Research Compliance and Administration Deposit Procedures
All cash receipts related to an externally funded sponsored project must be coordinated through the Office of Research Compliance and Administration. All grants, contracts, subcontracts, consulting and other purchased service agreements that support basic and applied research, demonstration/evaluation, curriculum development, training, professional development, and professional and community service activities, including clinical service, are considered sponsored projects.