Tulane University recognizes that certain grant, contract, and cooperative agreement awards may involve the University sharing in the costs of a sponsored project, either through the use of internal funds or additional external sources. Once committed in a proposal narrative, proposal budget, or notice of award, cost sharing funds other than third-party in-kind cost sharing (see DEFINITIONS) must be verifiable and fully documented in the University's accounting records in accordance with government regulations such as OMB Circular A-21 and Cost Accounting Standards 501 and 502. Therefore, this policy has been established to ensure that all cost sharing is proposed, approved, administered, and accounted for in a consistent and reasonable manner.