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All revenue generated by University activities and all expenditures for goods and services must be recorded and accounted for within the University of Utah financial systems. The recording of all financial transactions should be timely and accurate, leading to a clear identification of the true business nature of the transaction. All University employees who are required to administer financial transactions should be familiar with the University's accounting structure and the policies that guide these transactions. (http://www.regulations.utah.edu/administration/3-001.html)
Payments made on behalf of the University are to be approved only for the purpose described on supporting documents. All contracts with people or businesses outside the University must be signed by a University officer or designee and reviewed by the Office of General Counsel.
Bank accounts may not be established by individual schools, departments or units, or others acting on their behalf for the purpose of supporting any University activity without the prior written approval of the Vice President for Administrative Services. No credit relationship may be established with any vendor without the express approval of the Purchasing Department and through a contract approved by the Office of General Counsel.
Q: I received money to do research for a corporation. Can I set up a University Bank Account and fund my research out of the account?
A: No. Funds received for research must be recorded in established University accounts.
Q: Can I treat my staff to dinner on grant funds to recognize a job well done?
A: No. Funds received for research must be used for research. Employee recognition dinners are not allowed unless specifically included in the grant budget.