This portion of the book provides an overview and helpful documents related to accounting for contracts and grants at Indiana University. Contracts and grants include federal grants and contracts, state grants, and contracts and grants from private sources.

Identifying the terms and conditions of the contract or grant and accurately recording any revenue and receipts associated with a C&G account helps ensure contracts and grants are properly accounted for at IU. It is important to understand this process from an accounting perspective as it ensures compliance with accounting standards and regulations, provides transparency in financial reporting, and helps in accurately assessing the financial performance of the organization. By following proper accounting practices for contracts and grants, IU can maintain credibility, make informed financial decisions, demonstrate accountability to stakeholders, and maintain compliance with regulatory requirements.