The General Accounting Department is responsible for the installation and administrative direction of all general accounting records and procedures, the preparation and interpretation of all external financial reports, and the preparation and interpretation of all internal financial reports concerning the university as a whole. This responsibility does not preclude departmental or budgetary units from preparing internal accounting reports. This department is also responsible for the preparation of the indirect cost rate proposal applicable to contracts, grants, and agreements and for assisting in any required rate negotiation.