Grant Guidelines

DAIRY MANAGEMENT GUIDELINES

III. FINANCIAL RESPONSIBILITY:

A. DMI agrees to provide the total amount of funding approved to the financial official of PSU for the funding period .
 
B. Payment of funds shall be made in accordance with the schedule set forth .
 
C. Any modification of this Agreement shall be valid only if evidenced by a written document signed by all parties.
 
D. Disbursement of said funds will be made by the financial official of PSU only on the PSU warrant forms in accordance with the fiscal policies in force at the time of the award.
 
E. Fund transfers in excess of ten percent (10%) of any budget category (per funding period) or any fund transfers involving travel expense cannot be made without a written request from the Principal Investigator to DM Iand written consent from DM I. However, DM Imust be notified of any budget reallocations and all budget reallocations must be accounted for in the financial report for the funding period.
 
F. The purchase of equipment is not encouraged by DM I. Should equipment purchases be necessary, DM Imust first approve, in writing, the purchase of all such equipment. Equipment valued in excess of Five Hundred Dollars ($500.00) per item with a useful life of at least two (2) years acquired with DM Ifunds is the property of DM I.PSU has the right of first refusal to purchase such equipment at the end of the project at a depreciated price determined by DM I.  Should PSU refuse to purchase the equipment, DMI has up to thirty (30) days from the date of such written refusal to remove it.

G. Within thirty (30) days of the end of each funding period, the Institutional Officer in charge of financial records will provide DMI with a copy of a statement of expenditures which shall disclose expenditures as of the last day of each funding period.  A copy of a final accounting of expenditures shall be due no later than ninety (90) days from the last day of the last funding period.

H. Unexpended funds from a completed funding period may be transferred to the new funding period only upon written request from the Principal Investigator to DMI and written consent from DMI.  Any balance of funds unexpended at the conclusion of the project or the last funding period, must be returned to DMI.

I. PSU Shall maintain adequate records itemizing the receipt and expenditure of all DMI funds contributed under this Agreement and shall make all such records available upon request to representatives of DMI or the Secretary of the U.S. Department of Agriculture for inspection and/or audit during each funding period covered by the term of this Agreement and for a period of three (3) years after termination. 

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