Common use of Financial & Program Management Clause in Contracts

Financial & Program Management. The Subrecipient shall expend and account for all Grant Funds received under this Agreement in accordance with the requirements in 2 CFR Part 200, including 2 CFR Part 200, Subpart D, which covers Standards for Financial and Program Management. a) A provision specifying a scope of work that clearly establishes the tasks that the Recipient is required to perform. b) A provision dividing the agreement into quantifiable units of deliverables that must be received and accepted in writing by the State before payment or reimbursement. Each deliverable must be directly related to the scope of work and specify the required minimum level of service to be performed and the criteria for evaluating the successful completion of each deliverable. c) A provision specifying the financial consequences that apply if the Subrecipient fails to perform the minimum level of service required by the agreement. d) A provision specifying that the Subrecipient may expend funds only for allowable costs resulting from obligations incurred during the specified agreement period. e) A provision specifying that any balance of unobligated funds which has been advanced or paid must be refunded to the State. f) A provision specifying that any funds paid in excess of the amount to which the Recipient is entitled under the terms and conditions of the agreement must be refunded to the State. g) The Subrecipient will establish a separate non-interest bank account for the proper recording of project costs in accordance with generally accepted accounting principles and procedures so as to reflect all receipts and allowable expenditures. Ultimately, the requirements and procedures applicable to Subrecipients for expending and accounting for the Grantee’s Grant Funds will depend on the requirements imposed by Federal statute, regulations, and the terms and conditions of the Grantee’s Federal awards. The Subrecipient shall administer the Project in a manner consistent with the applicable requirements of law related to cost principles, including as set forth in Section 570.502 of the CDBG Rules and 2 CFR Part 200, Subpart E.

Financial & Program Management. The Subrecipient shall expend and account for all Grant Funds received under this Agreement in accordance with the requirements in 2 CFR Part 200, including 2 CFR Part 200, Subpart D, which covers Standards for Financial and Program Management. a) i. A provision specifying a scope of work that clearly establishes the tasks that the Recipient is required to perform. b) ii. A provision dividing the agreement into quantifiable units of deliverables that must be received and accepted in writing by the State before payment or reimbursement. Each deliverable must be directly related to the scope of work and specify the required minimum level of service to be performed and the criteria for evaluating the successful completion of each deliverable. c) iii. A provision specifying the financial consequences that apply if the Subrecipient fails to perform the minimum level of service required by the agreement. d) iv. A provision specifying that the Subrecipient may expend funds only for allowable costs resulting from obligations incurred during the specified agreement period. e) v. A provision specifying that any balance of unobligated funds which has been advanced or paid must be refunded to the State. f) vi. A provision specifying that any funds paid in excess of the amount to which the Recipient is entitled under the terms and conditions of the agreement must be refunded to the State. g) vii. The Subrecipient will establish a separate non-interest bank account for the proper recording of project costs in accordance with generally accepted accounting principles and procedures so as to reflect all receipts and allowable expenditures. Ultimately, the requirements and procedures applicable to Subrecipients for expending and accounting for the Grantee’s Grant Funds will depend on the requirements imposed by Federal statute, regulations, and the terms and conditions of the Grantee’s Federal awards. The Subrecipient shall administer the Project in a manner consistent with the applicable requirements of law related to cost principles, including as set forth in Section 570.502 of the CDBG Rules and 2 CFR 2CFR Part 200, Subpart E.