Five Principles of Financial Transactions Management
There are five overall principles to managing the financial transactions of sponsored research funds. Policies and procedures within Research Accounting Services have been developed in support of these principles. The five principles are consistency, timeliness, justification, documentation, and certification.
Transactions must be handled in a consistent manner. That is, policies and procedures have been established to address similar types of transactions in a routine manner.
Transactions must be handled within a reasonable period of time consistent with time frames outlined for federal agencies, a private sponsor, and Drexel University.
There must be a reason for the transaction that supports the project's goals, and adheres to guidelines outlined by federal agencies, a private sponsor, and Drexel University.
Sufficient documentation to support the transaction must exist. The documentation must be retained, organized, and complete enough to stand up to an audit.
Transactions must be approved and carry all the correct authorizing signatures.
Cost Transfer Policy