Fiscal Standards

AUI shall maintain its fiscal records in accordance with Generally Accepted Accounting Principles (GAAP) as well as with any additional requirements prescribed by the terms of its contracts, including the OMB Circular A-133 “Audits of States, Local Governments, and Not-for-Profit Organizations.” Research Centers and the Corporate Office shall develop Charts of Accounts with sufficient detail to enable management to track approved financial plans against actual expenditures. Research Centers shall develop written accounting procedures that document internal policies and procedures to be followed in order to properly record financial transactions and to comply with requirements contained in their contracts.