Troy University applies the guidelines cited in these Office of Management and Budget circulars to sponsored agreements.
OMB Circular A-21 establishes the principles for determining costs applicable to grants, contracts and other agreements with colleges and universities. These principles are to be used as a guide in the pricing of fixed price agreements and apply to direct costs and indirect costs.
OMB Circular A-110 provides a public declaration of the standards to be used by federal agencies and colleges and universities in the administration of grants and other agreements. This does not include contracts that are administered under procurement laws and regulations.
OMB Circular A-133 states audit requirement and provides policy guidance to federal agencies and colleges and universities regarding the institutions' financial records, internal control structure and compliance with applicable laws and regulations.