Terminal Leave Payouts
Purpose of Policy
To establish procedures for allocating charges for terminal leave.
Uniform Guidance 2 CFR 200 (200.431) Compensation – Fringe Benefits:
“Fringe benefits are allowances and services provided by employers to their employees as compensation in addition to regular salaries and wages. Fringe benefits include, but are not limited to, the costs of leave (vacation, family-related, sick or military), employee insurance, pensions, and unemployment benefit plans. Except as provided elsewhere in these principles, the costs of fringe benefits are allowable provided that the benefits are reasonable and are required by law, non-Federal entity-employee agreement, or an established policy of the non-Federal entity.”
- Annual leave, sick leave, military leave, and the like, may be charged to a sponsored award in proportion to the relative amount of time or effort actually devoted to the sponsored agreement by the employee
- Annual leave and sick leave paid upon termination or retirement in excess of the amounts earned on the sponsored agreement may not be charged. The annual leave and sick leave must be paid from an unrestricted organization code.
Federal Sponsored Award
Any Federal grant, contract, or cooperative award received directly by the University of Florida as well as subawards received by the University under Federal Sponsored Awards to other organizations.
01/31/2021: reviewed content
Cost Analysis: (352) 392-5778