The University of Memphis

Financial Status Questionnaire

Submit completed form to the U of M Research Support Services (RSS), Administration Bldg., Room 315
General Information
YesNo1. Does your organization have its financial statements reviewed by an independent public accounting firm? If so, please enclose a copy of the most recent review of your organization.
YesNo2. Are duties separated so that no one individual has complete authority over an entire financial transaction?
YesNo3. Does your organization have controls to prevent expenditure of funds in excess of approved, budgeted amounts?
YesNo4. Other than financial statements, has any aspect of your organization's activities been audited within the last two years by a governmental agency or independent public accountant? Explain. (Please provide a copy of any recent external audit.)
Cash Management
YesNo1. Are all disbursements properly documented with evidence of receipt of goods or performance of services?
YesNo2. Are all bank accounts reconciled monthly?
Payroll
YesNo1. Are payroll charges checked against program budgets?
YesNo2. What system does your organization use to control paid time, especially time charged to sponsored agreements?
Indirect Costs
YesNo1. Does the organization have a Facilities & Administrative (F&A) cost allocation plan or a negotiated F&A cost rate? Explain. (Please provide a copy of any negotiated F&A cost rate agreement.)
YesNo2. Does the organization have procedures which provide assurance that consistent treatment is applied in the distribution of charges to all grants?
Cost Sharing
How does the organization determine that it has met cost sharing goals?
Compliance
YesNo1. Does your organization have a formal policy of nondiscrimination and a formal system for complying with Federal civil rights requirements?
YesNo2. Does your organization have a cash forecasting process which will minimize the time elapsed between the drawing down of funds and the disbursement of those funds?
3. Please provide a list of recent grants or contracts your organization has received from The University of Memphis.
Procurement
YesNo1. Are there procedures to ensure procurement at competitive prices?
2. Is there an effective system of authorization and approval of:
YesNoa) capital equipment expenditures?
YesNob) travel expenditures?
Property Management
YesNo1. Are detailed records of individual capital assets kept and periodically balanced with the general ledger accounts?
YesNo2. Are there effective procedures for authorizing and accounting for the disposal of property and equipment?
YesNo3. Are detailed property records periodically checked by physical inventory?
Briefly describe the organizationís policies concerning capitalization and depreciation.
Cost Transfers
How does the organization ensure that all cost transfers are legitimate and appropriate?
Signature Date

The University of Memphis, one of the Tennessee Board of Regents institutions, is an Equal Opportunity/Affirmative Action University.