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Fixed assets are debited for capital expenditures incurred or assets donated. Donated assets are recorded at market value at the time of acquisition.
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To document grant revenue and other grant related communication.
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To standardize purchasing procedures.
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To allow for cost allocation to be included in funding requests.
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To clarify all procedures for borrowing and debt
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To safeguard disbursements made by check.
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To allow for audit oversight by funders.
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To secure an outside audit review.
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To outline procedures for preparing for an audit.
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