Financial Management System Subrecipient shall establish and maintain a sound financial management system, based upon generally accepted accounting principles. Contractor’s system shall provide fiscal control and accounting procedures that will include the following:
Financial Management (a) The Recipient shall ensure that a financial management system is maintained in accordance with the provisions of Section 2.09 of the Standard Conditions.
Financial Management Standards The financial management systems of Grantee must meet the following standards:
Financial Management Services Definition: Financial Management Services includes the planning, directing, monitoring, organizing, and controlling of the monetary resources of an organization. Examples: Service areas that are included under the Financial Management Services discipline include, but are not limited to the following:
FINANCIAL MANAGEMENT AND OVERSIGHT Measure 2a Is the school meeting financial reporting and compliance requirements?
Diverse Spend Reporting If the total value of the Contract may exceed $500,000, including all extension options, Contractor must track and report, on a quarterly basis, the amount paid to diverse businesses both: 1) directly to subcontractors performing under the Contract, and 2) indirectly to diverse businesses that provide supplies/services to your company (in proportion to the revenue from this Contract compared to Contractor’s overall revenue). When this applies, Contractor will register in a free portal to help report the Tier 2 diverse spend, and the requirement continues as long as the Contract is in effect.
Financial Management; Financial Reports; Audits 1. The Recipient shall ensure that a financial management system is maintained in accordance with the provisions of Section 2.07 of the Standard Conditions.
PERFORMANCE MONITORING AND REPORTING Performance indicators
Funding, Services and Reporting The HSP represents warrants and covenants that
Financial Management, Financial Reports and Audits 1. The Recipient shall maintain or cause to be maintained a financial management system in accordance with the provisions of Section 4.09 of the General Conditions.