Financial Management System. A. The Grantee shall establish and maintain a financial management system conforming to generally accepted accounting principles. B. The financial management system shall: 1. Provide accurate, current and complete disclosure of all financial transactions relating to this grant agreement; and 2. Maintain separate accounts by source of funds for all revenues and expenditures. Identify the source and application of funds for the Grantee's performance under this agreement, including information pertaining to subcontracts, obligations, unobligated balances, assets, liabilities, outlays and income; and 3. Effectively control and account for all Municipal funds and property; and 4. Compare actual or accrued expenditures with budgeted amounts and compare financial information to performance or productivity data where applicable; and 5. Maintain Policies and Procedures that provide for accurate accounting and proper management of all grant funds in accordance with Part I, Section 5; and 6. Minimize the time between receipt of funds from the Municipality and their disbursement by the Grantee; and 7. Provide accounting records supported by source documentation; and 8. Maintain procedures to bill clients for services received. These procedures must ensure that charges are reasonable, appropriate, and approved by the Grantee's governing authority; and 9. Provide a systematic method assuring the timely and appropriate resolution of audit findings and recommendations.
Appears in 3 contracts
Samples: Grant Agreement, Grant Agreement, Grant Agreement
Financial Management System. A. The Grantee shall establish and maintain a financial management system conforming to generally accepted accounting principles.
B. The financial management system shall:
1. Provide accurate, current current, and complete disclosure of all financial transactions relating to this grant agreement; and
2. Maintain separate accounts by source of funds for all revenues and expenditures. Identify the source and application of funds for the Grantee's performance under this agreement, including information pertaining to subcontracts, obligations, unobligated balances, assets, liabilities, outlays outlays, and income; and
3. Effectively control and account for all Municipal funds and property; and
4. Compare actual or accrued expenditures with budgeted amounts and compare financial information to performance or productivity data where applicable; and
5. Maintain Policies and Procedures that provide for accurate accounting and proper management of all grant funds in accordance with Part I, Section 5; and
6. Minimize the time between receipt of funds from the Municipality and their disbursement by the Grantee; and
7. Provide accounting records supported by source documentation; and
8. Maintain procedures to bill clients for services received. These procedures must ensure that charges are reasonable, appropriate, and approved by the Grantee's governing authority; and
9. Provide a systematic method assuring the timely and appropriate resolution of audit findings and recommendations.
Appears in 2 contracts
Samples: Grant Agreement, Human Services Community Matching Grant Agreement
