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Office of Research

Appendix

Cost Accounting Standards

In August 2000, OMB Circular A-21 was revised to incorporate the four cost accounting standards. The four standards are being incorporated because they provide more explicit provisions and guidance regarding the consistent application of cost accounting practices at educational institutions. The cost accounting standards are:

  • 501—Consistency in estimating, accumulating and reporting costs—Costs should be budgeted, charged and reported in the same way as they are proposed. If cost sharing is proposed, cost sharing should be documented and reported.
  • 502—Consistency in allocating costs incurred for the same purpose—All costs incurred for the same purpose, in like circumstances, are either direct costs only or facilities and administrative costs only with respect to final cost objectives.
  • 505—Accounting for unallowable costs—Procedures are required to identify and exclude unallowable costs from sponsored projects.
  • 506—Cost accounting period—The cost accounting period must be the institution’s fiscal year.

Downloadable Forms

The following forms used in sponsored program management may be downloaded directly from the Grants and Contracts Administration Web site. You may then fill them out in a word-processing program or in Excel, or you may print them and fill them out manually.

Pending Account Request Form
Foreign Travel Request Form
Close Out Notice
Format For No-Cost Time Extensions

Characteristics of Grants, Contracts and Cooperative Agreements

( Download PDF version)

Grant
Cooperative Agreement
Contract

Basic Purpose

Provide assistance with few restrictions

Provide assistance with substantial involvement between parties

Procure tangible goods and services

Solicitation Method

Application kit or guidelines

Request for proposal

Request for bid or quote

Award Instrument

Short, may refer to general conditions

Describes involvement, party relationships

Long, detailed specs, clauses, regulations and expected results

Award Acceptance

Usually not required

Usually required

Requires signature of authorized officials

Involvement by Sponsor

Generally none

Substantial involvement

May be extensive

Re-budgeting

Flexible

Usually allowed

Occasionally allowed with restrictions

Equipment Title

Grantee or Grantor

Varies based upon agreement

Contractor or Sponsor or Federal Government

Performance Period

Flexible

May be specified with flexible dates

Specified in contract

Patent Rights

Generally liberal

May be involved

Provision in contract

Publications

Unrestricted

May ask to be informed

May require prior review and approval

Technical Reports

Annual summary reports

More frequent (quarterly) reports

Detailed reports, may be monthly

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