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  1. Please explain how Direct Cost is used. This is the definition in OMB Circular A-21   D.  Direct costs   1.  General   Direct Costs are those costs that can be identified specifically with a particular sponsored project, an instructional activity, or any other institutional activity, ... Read More
  2. Can I pay for phone charges on my federal FOP? Category:  Finance   Question:  Can I pay for phone charges on my Texas Tech University federal FOP?   Answer:   Local phone charges are not allowed on federally funded sponsored projects, so any Texas Tech University (Chart T) FOPs that begin ... Read More
  3. What is the difference between transfer to Auxiliary and transfer to Auxiliary Plant? Transfers to auxiliary plant apply to a transfer from 31A to 39A.  This would involve a project where the expenditures are to be capitalized.  If the expenditures involve only maintenance, transfers would be between 31A and 31A.  Physical Plant no... Read More
  4. What is an endowment? An endowment is established with a gift from the private sector that comprises the corpus or principal of the endowment.  The corpus is invested and a designated portion of income or the capital gain is used to fund a project or need.  The corpus r... Read More
  5. What is a "controlled" purchase?  Many items purchased that are greater than $500 are "Controlled Items" by Accounting terms.  All line items greater than $500 are sent to Purchasing and Contracting so that account codes can be verified for accuracy.    Controlled purchases are... Read More
  6. How is Program code 200 used? Program Code 200 Research– includes expenditures for activities specifically organized to produce research, whether commissioned by an agency external to the institution or separately budgeted by an organization within the institution. Subject to ... Read More