What else do you do at audit?	We perform: operational reviews of departments or units; reviews of departments for incoming Chairs or at managements request; faculty practice reviews; financial reviews; reviews of Information Systems areas controls; contract compliance reviews; fraud investigations and more.
How do you decide what areas will be audited?  back to top	The Director of University Audit prepares an annual plan which is reviewed and approved by the Audit Committee of the Board of Trustees. The plan is primarily developed based on the assessment of various risk factors such as: significant financial investment or impact, required regulatory or legal compliance, complex transactions or environment, new technology or processes and prior audit experience. Management requests, external audit support and standard annual audits are also included. Additionally, there are always projects we undertake that were unanticipated when the annual plan was developed.
What are good cash receipts controls?	See our detailed cash receipts controls page here.
What types of costs are disallowed for programs sponsored with federal grants?	Alcoholic beverages, bad debts, fines and penalties, lobbying, entertainment are examples of disallowed expenses.
What are "in kind" items and how should they be recorded?  back to top	In kind items are often delineated in grants and need to be monitored and valued since there can be a direct impact on the allowability of the amount of funds received pursuant to the particular grant. In kind items can take many forms, including, but not limited to, equipment, professional services, printing, and advertising and promotional services. These items should be recorded at fair value at the date of donation. For non-capital items, there should be a simultaneous recording of income and expense.
What is unrelated business income? back to top	Unrelated business income (UBI) is income derived from business activities unrelated to an organization's tax-exempt purpose. To not be considered UBI the activity should not be regularly carried on or meet the criteria for certain exemptions as detailed in the Internal Revenue Code. For example, passive income (dividends, interest income, gain from sale of property) is exempt. UBI in excess of $1,000 is taxable.
How often should my department update its asset inventory with the University's Finance office? back to top	Departments should update their asset inventory with the University's Finance department annually or whenever they purchase or dispose of capital equipment with a unit cost greater than or equal to $1,000.
What type of expenditures are considered appropriate for purchase with petty cash funds? back to top	A departmental petty cash fund is defined as money advanced to an office, department or University unit for use in defraying miscellaneous, small, approved University expenditures. The establishment of petty cash funds is suggested only where it will result in saving time or paperwork. See the University Finance petty cash policy.

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