Financial Management Systems. The Contractor shall meet the following standards for its financial management systems:
a. Financial Reporting.
b. Accounting Records.
c. Complete Disclosure.
Financial Management Systems. Contractor’s financial systems shall contain the following:
a. Accurate, current and complete disclosure of the financial results of each contract;
b. Records that identify the source and application of funds;
c. Control over and accountability for all funds, property and other assets;
d. Comparison of actual outlays with budgeted amount for each contract;
e. Procedures that minimize the time elapsing between the transfer of funds from the County and their disbursement by the Contractor;
f. Procedures for determining reasonableness and allocability of costs;
g. Accounting records that are supported by source documentation;
h. Procedures for timely and appropriate resolution of audit findings and recommendations. The Contractor shall include these requirements in any subcontracts.
Financial Management Systems. The financial management systems of the recipient must meet the following standards:
Financial Management Systems. The Grantee shall meet the following standards for its financial management systems:
A. Financial Reporting.
B. Accounting Records.
C. Complete Disclosure.
Financial Management Systems. The Recipient must comply with federal standards for financial management systems. The Recipient agrees that, at a minimum, its fiscal control and accounting procedures will be sufficient to permit preparation of reports required by the federal government and tracking of Project funds to a level of expenditure adequate to establish that such funds have not been used in violation of federal or state law or the terms of this Agreement. To the extent applicable, the Recipient is bound by, and must comply with, the provisions and requirements of the federal Single Audit Act of 1984 and 2 CFR Part 200, subpart F, and updates or revisions, thereto.
Financial Management Systems. The Contractor shall meet the stipulations for Financial management and standards for financial management systems outlined in 45 CFR 75.302 including but not limited to:
a. Financial Reporting.
b. Accounting Records.
c. Complete Disclosure.
Financial Management Systems. CPU’s financial systems shall contain the following:
18.1. Accurate, current and complete disclosure of the financial results of each Contract
18.2. Records that identify the source and application of funds
18.3. Control over and accountability for all funds, property, and other assets 18.4. Comparison of actual outlays with budgeted amount for each Contract
Financial Management Systems. 1. Service Provider shall meet the following standards for its financial management systems, as stipulated in 2 CFR 200.302 and 45 CFR 75.302:
a. Financial Reporting.
b. Accounting Records.
c. Complete Disclosure.
Financial Management Systems. The Grantee’s financial systems shall comply with the requirements of OMB Circular A-122, "Cost Principles for Non-Profit Organizations," and shall contain the following:
A. Accurate, current and complete disclosure of the financial results of each Grant Agreement;
B. Records that identify and distinguish the source and application of funds;
C. Reasonable control over and full accountability for all funds, property, and other assets;
D. Comparison of actual outlays with budgeted amount for each contract;
E. Procedures for determining reasonableness and allocability of costs;
F. Accounting records that are supported by source documentation; and
G. Procedures for timely and appropriate resolution of audit findings and recommendations.
Financial Management Systems. 1. Grantee will provide a financial management system in accordance with the applicable Departmental Regulations, including, but not limited to:
a. Accounting records that identify adequately the source and application of funds for grant-supported activities.
b. Effective internal control over and accountability for all grant and matching funds, property, and other assets. Grantees shall adequately safeguard all such assets and ensure that they are used solely for authorized purposes.
c. Verifiable records that track proportionate usage of grant and matching funds for the purposes and activities specified in the application and budget approved by the Grantor. Records must be available for review or audit by the Grantor.
2. Xxxxxxx will retain financial records, supporting documents, statistical records, and all other records pertinent to the grant for a period of 3 years after the final performance report is submitted to the Grantor. Records shall be retained beyond the 3-year period if any litigation, claim, or audit findings involving the records have not been resolved. The Grantor and the Comptroller General of the United States, or any of their duly authorized representatives, shall have the right to access to any books, documents, papers, and records of the Grantee that are pertinent to the grant for the purpose of making audits, examinations, excerpts, and transcripts.
