Resolution of the Board of Trustees of the University of the Virgin Islands
Resolution of the Board of Trustees of the University of the Virgin Islands Approving Sub-recipient Monitoring Policy WHEREAS, the University of the Virgin Islands (hereinafter “the University”) is committed to ensuring that funds awarded to sub-contractors or sub-grantees are monitored in accordance with federal regulations to ensure good stewardship of sponsored projects; and WHEREAS, no written policy currently exists at the University concerning the monitoring of sub-contractors or pass-through entities; and WHEREAS, in response to the recommendation by the external auditors, the policy was developed to ensure compliance with laws, regulations, and the provisions of contracts or grant agreements; and WHEREAS, on February 22, 2016, the Finance and Budget Committee of the Board of Trustees reviewed the proposed policy and voted to recommend, to the Board of Trustees, the approval of the proposed policy, which would satisfy audit requirements and augment compliance with grantor guidelines. NOW THEREFORE BE IT RESOLVED: Section 1. …
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Resolution of the Board of Trustees of the University of the Virgin Islands Approving Sub-recipient Monitoring Policy WHEREAS, the University of the Virgin Islands (hereinafter “the University”) is committed to ensuring that funds awarded to sub-contractors or sub-grantees are monitored in accordance with federal regulations to ensure good stewardship of sponsored projects; and WHEREAS, no written policy currently exists at the University concerning the monitoring of sub-contractors or pass-through entities; and WHEREAS, in response to the recommendation by the external auditors, the policy was developed to ensure compliance with laws, regulations, and the provisions of contracts or grant agreements; and WHEREAS, on February 22, 2016, the Finance and Budget Committee of the Board of Trustees reviewed the proposed policy and voted to recommend, to the Board of Trustees, the approval of the proposed policy, which would satisfy audit requirements and augment compliance with grantor guidelines. NOW THEREFORE BE IT RESOLVED: Section 1. The Board of Trustees of the University of the Virgin Islands hereby approves, effective March 5, 2016, the policy that would ensure the required monitoring of funds awarded to sub-contractors or sub-grantees. Section 2. The Board of Trustees of the University of the Virgin Islands authorizes the President and Vice-President for Administration and Finance, the CFO, to take the necessary action to implement the foregoing policy for the monitoring of funds awarded to sub- contractors or sub-grantees. CERTIFICATION The Undersigned does hereby certify that the foregoing is a true and exact copy of a resolution of the Board of Trustees of the University of the Virgin Islands adopted at a meeting on March 5, 2016 as recorded in the minutes of said meeting. March 5, 2016 _____________________________________ _____________________________ Secretary of the Board Date