Course II: Accounting for Sponsored Programs

RAC 9012

Course Description

This course provides an introduction to accounting in not for profit organizations. Students will learn about budgeting for research projects, planning and making projections and reporting on the allocation of funds. Students will also learn about basic accounting principles, such as, direct and indirect costs, balance sheets and financial analysis. The various sources which fund research projects including grants, gifts, restricted and unrestricted will be presented.

Course Objectives:

1.  To introduce the basics accounting in not for profit organizations. 
2. Introduce budgeting for research projects, planning and making projections and reporting on the allocation of funds. 
3.  Provide the tools necessary to differentiate the sources of funding and understand their restrictions.
4. To be familiar with budget tools such as templates for projections, allowable carryforwards and the purpose and use of interest income. 
5.  Develop skills to practice general accounting, financial analysis and budgeting.

Breakdown of Topics 

Week 1:
Basics of accounting in not for profit organizations.

Week 2:
Budgeting for research projects, planning and making projections.

Week 3:
Reporting on the allocation of funds/budget tools: templates for projections and interest income

Week 4:
General accounting principles and financial analysis.

Week 5:
Differentiating the various sources of funding and their restrictions.

Week 6:
Overseeing and adapting the budget as the research project progresses. Week 7: Tracking, analyzing and managing grant portfolios.