Drake University must comply with the Office of Management and Budget (OMB) Circular A-21, Cost Principles for Educational Institutions, which provides principles to be applied in establishing the allowability of certain costs. Drake University also has established allowable costs (Business & Finance Accounting Expenses). If allowable costs for Drake University and the A-21 differ, the more strict regulations will apply.
It is the responsibility of the Principal Investigator (PI) to ensure that all funds are spent in compliance with the funding documents and University policies.
Drake University must also comply with the OMB Circular A-110 which sets forth standards for obtaining consistency and uniformity among federal agencies in the administration of grants with institutions of higher education, hospitals, and other non-profit organizations.
Drake University must adhere to the OMB Circular A-133 which establishes single audit procedures for all types of grant recipients--states, local governments, colleges and universities, and nonprofit organizations.
Learn more: Allowable Costs