The University of Memphis has policies and procedures  for both pre-award and post-award financial management of externally funded research and programs, and an appropriate organizational structure to assist in the administration and review of these programs. The Tennessee Department of State Audit annually reviews university internal controls and tests for compliance with applicable federal laws and regulations. 
The Office of Research Support Services coordinates the proposal process through the final award, which includes submission and negotiations, budget development and review.  Grants and Contracts Accounting (reporting through the Assistant Vice President for Finance) processes awards, including setting up approved budgets and ensuring that subsequent revisions are appropriate.  Grants and Contracts Accounting also routinely monitors all sponsor accounts to ensure charges are accumulated appropriately and billed in a timely manner, and they work closely with project directors to assist in interpreting financial data and reporting to sponsors in the required manner.
The university maintains an approved facilities and administrative cost rate agreement with the U.S. Department of Health and Human Services (DHHS).  The current agreement is dated December 12, 2002 and is in effect until amended.
The University of Memphis Foundation accepts, processes, and manages private support to the University. The Foundation is a separate legal entity and is a not-for-profit tax exempt corporation with an independent board of trustees.  It is audited by an independent accounting firm annually.  The relationship between the Foundation and the university is managed in accordance with TBR policy 4:01:07:02  and the agreement between the two entities.