Financial Management System Standards. The Recipient must have and maintain an established accounting system which complies with Generally Accepted Accounting Principles (GAAP) and accounting and internal control systems must provide for appropriate monitoring of award accounts to ensure that obligations and expenditures are reasonable, allocable, and allowable. In addition, the systems must be able to identify unobligated balances, accelerated expenditures, inappropriate cost transfers, and other inappropriate obligations and expenditures of funds, and Recipient must notify the NIH OTAO when problems are identified. The Recipient’s failure to establish adequate control systems constitutes a material breach of this Agreement and may result in the exercise of available enforcement remedies.
Financial Management System Standards. For a subaward to other than a for-profit entity, your subaward must require the subrecipient to include the information specified in paragraph B.1 of FMS Article I in its financial management system, for the purposes of the non-federal audits required by paragraph 2.d of this section.
Financial Management System Standards. 4.1.1. CAP shall utilize financial management systems and additional controls as needed to meet the requirements of 2 C.F.R. § 200.302(b). Financial record retention shall be IAW 2 C.F.R. § 200.333, and the Program Manager and Grants Officer shall have access to financial information IAW 2 C.F.R. § 200.336.
Financial Management System Standards. The expenditures of all Head Start and Early Head Start program funds by the Delegate are required to be accounted for in accordance with proper accounting methods. The Delegate shall establish and maintain a consistent system of accounting and fiscal management to assure adequate internal controls that provide for timely, accurate, current and complete disclosure of financial information while providing for oversight and protection of federal funds that must meet the following minimum standards:
