Financial Management Standards. The financial management systems of Grantee must meet the following standards:
Financial Management Standards. The financial management systems of Provider must meet the following standards:
Financial Management Standards. The financial management systems of Grantee must meet the following standards:
(a) Accounting System. Grantee organizations must have an accounting system that provides accurate, current, and complete disclosure of all financial transactions related to each State- and Federally-funded Program. Accounting records must contain information pertaining to State and Federal pass-through awards, authorizations, obligations, unobligated balances, assets, outlays, and income. These records must be maintained on a current basis and balanced at least quarterly. Cash contributions to the Program from third parties must be accounted for in the general ledger with other Grant Funds. Third party in-kind (non-cash) contributions are not required to be recorded in the general ledger, but must be under accounting control, possibly through the use of a memorandum ledger. See 2 CFR 200.302.
Financial Management Standards. The CONTRACTOR shall maintain a financial and administrative system which complies with the standards in the most recent versions of appropriate Uniform Administrative Requirements and 2 CFR Part 200. CONTRACTOR shall maintain a separate accounting of funds received and disbursed under this Contract. All accounting for this Contract shall be maintained within the CONTRACTOR’s primary financial accounting system. The CONTRACTOR’s financial systems shall allow for effective fiscal and internal controls and accountability for funds, property, and other assets to ensure they are used solely for authorized purposes. CONTRACTOR shall maintain all data elements used in required reports in accordance with established program definitions. The CONTRACTOR’s financial systems will be maintained in accordance with Generally Accepted Accounting Principles and will be in compliance with all legal and contractual requirements. The CONTRACTOR’s financial system shall:
A. Follow consistent rules for aggregation of detailed data to summary level.
B. Compare budgeted amounts to actual expenditures including proper charging of costs and cost allocations.
C. Contain information pertaining to Contract and contract awards, obligations, unobligated balances, assets, liabilities expenditures, income, program income, matching funds, leveraged resources and stand-in costs.
D. Permit the tracking of funds to a level of expenditure adequate to establish that funds have not been used in violation of the applicable laws and regulations.
E. Provide the accurate, current, and complete disclosure of all expenditures including but not limited to those from, grants, contracts or agreements.
F. Show the distribution of Contract-funded personnel time by fund.
Financial Management Standards. The Recipient will establish and maintain fiscal control of an accounting system to meet the following criteria:
4.1.1. Records must provide information needed to adequately identify the receipt and the expenditure of funds pursuant to this Agreement and in accordance with OMB Circular A-110;
4.1.2. Entries in accounting records must refer to the documentation which supports the entry;
4.1.3. Records must provide accurate, current and complete financial reporting information;
4.1.4. A fund accounting system will be implemented to track expenses in accordance with generally accepted accounting principles for nonprofit organizations;
4.1.5. Records must be integrated with an adequate system of internal controls to safeguard the funds and assets provided by this Agreement; and
4.1.6. Support documents must be maintained so as to be easily accessible to a representative of the City.
Financial Management Standards. CONTRACTOR shall maintain a separate accounting of funds received and disbursed under this Contract. All accounting for this Contract shall be maintained within the Organization’s primary Financial Accounting System. CONTRACTOR’s financial systems shall allow for effective fiscal and internal controls and accountability for funds, property, and other assets to ensure they are used solely for authorized purposes. CONTRACTOR shall maintain all data elements used in required reports in accordance with established program definitions. CONTRACTOR’s financial systems will be maintained in accordance with Generally Accepted Accounting Principles and will be in compliance with all legal and contractual requirements.
Financial Management Standards. The financial management systems of Grantee must meet the following standards:
(a) Accounting System. Grantee organizations must have an accounting system that provides accurate, current, and complete disclosure of all financial transactions related to each state- and federally-funded Program. Accounting records must contain information pertaining to state and federal pass-through awards, authorizations, obligations, unobligated balances, assets, outlays, and income. These records must be maintained on a current basis and balanced at least quarterly. Cash contributions to the Program from third parties must be accounted for in the general ledger with other Grant Funds. Third party in-kind (non-cash) contributions are not required to be recorded in the general ledger, but must be under accounting control, possibly through the use of a memorandum ledger. To comply with 2 CFR 200.305(b)(7)(i) and 30 ILCS 708/520, Grantee shall use reasonable efforts to ensure that funding streams are delineated within Grantee’s accounting system. See 2 CFR 200.302.
Financial Management Standards. 16.1. The financial management system of the COUNTY must meet the following standards:
Financial Management Standards. The CONTRACTOR shall maintain a financial/administrative system which complies with the standards in the most recent versions of appropriate Uniform Administrative Requirements and 2 CFR Part 200. CONTRACTOR shall maintain a separate accounting of funds received and disbursed under each contract referencing this Master Agreement. All accounting for each contract referencing this Master Agreement shall be maintained within the Organization’s primary Financial Accounting System. The CONTRACTOR’s financial systems shall allow for effective fiscal and internal controls and accountability for funds, property, and other assets to ensure they are used solely for authorized purposes. CONTRACTOR shall maintain all data elements used in required reports in accordance with established program definitions. The CONTRACTOR’s financial systems will be maintained in accordance with Generally Accepted Accounting Principles and will be in compliance with all legal and contractual requirements. The CONTRACTOR’s financial system shall:
A. Follow consistent rules for aggregation of detailed data to summary level.
B. Compare budgeted amounts to actual expenditures including proper charging of costs and cost allocations.
C. Contain information pertaining to Contract and contract awards, obligations, unobligated balances, assets, liabilities expenditures, income, program income, matching funds, leveraged resources and stand-in costs.
D. Permit the tracking of funds to a level of expenditure adequate to establish that funds have not been used in violation of the applicable laws and regulations.
E. Provide the accurate, current, and complete disclosure of all expenditures including but not limited to those from, grants, contracts or agreements.
F. Show the distribution of Contract-funded personnel time by fund.
Financial Management Standards. The Subgrantee will establish and maintain fiscal control of an accounting system to meet the following criteria:
1. Records must provide information needed to adequately identify the receipt and the expenditure of funds pursuant to this Agreement and in accordance with OMB Circular A-110 (now in 2 CFR Part 200);
2. Entries in accounting records must refer to the documentation that supports the entry;
3. Records must provide accurate, current, and complete financial reporting information;
4. A fund accounting system will be implemented to track expenses in accordance with Generally Accepted Accounting Principles for nonprofit organizations;
5. Records must be integrated with an adequate system of internal controls to safeguard the funds and assets provided by this Agreement; and
6. Supporting documents must be maintained so as to be easily accessible to a representative of the City.
