Matching Fund Committments
Matching funds are defined as those funds that are pledged to be used in conjunction with the grant funds as a condition for receiving the grant award. Information included consists of the grant award. Information included consists of the grant which has a matching commitment ("Account Number"), the source of funds from which the matching commitment is to be paid ("Source of Matching Funds"), the amount of the matching commitment ("University Commitment"), the amount charged to the matching funds through the date listed on the reports ("Commitments Liquidated"), and the remaining amount to be committed ("Balanced of Commitment").
It is essential that matching commitments that are contained within each grant be properly fulfilled during the term of the grant. This will require that all expenditures are to be identified as match be noted on all expenditure requests (personnel and operating) with an analytical code in the space provided on the documents when they are submitted to the Business Office. The analytical code is always an "M" followed by the account number for which the expenditures is serving as match. It is important to note the analytical code in identifying the account being matched and that it is not the account in which the expenditure is being charged.
Proper assignment and documentation of allowable matching expenditures is critical in grant management. Failure to fulfill and document match can result in audit exceptions, potential refund of funds to the Grantor for all- or part- of unfulfilled match obligation, and/or changes in the University's indirect cost rate. Federal cost accounting policies mandate that no accounting adjustments can be made in a prior fiscal year.