Financial Systems. Grantee shall have financial systems in place to maintain internal controls, ensure proper management of federal and state funds, maximize non-federal resources, and maintain solvency. Grantee’s accounting and internal control systems must meet the following requirements:
1. The system must consist of source documents, a chart of accounts, journals, ledgers, and routine financial reports;
2. The system must be capable of producing expenditure reports, cost center analyses, budget formats, and automated reports as required by, and without additional support from, HHSC;
3. The system must have an internal control system that safeguards the Grantee’s assets, produce accurate accounting data, promote efficient operations, and encourage adherence to prescribed accounting policies and procedures; and
4. The system must have an effective internal control system that involves separation of duties for employees and use standards such as procurement policies, internal procedures, validation checks, and other security measures.
Financial Systems. 8.3.1 The Chief Financial Officer will work with the Section 95 Officer of the Council and Director of Finance of NHS Highland to ensure appropriate systems and processes are in place to: • Allow execution of financial transactions. • Ensure an effective internal control environment over such transactions. • Maintain a record of the income expenditure, assets and liabilities of Argyll and Bute Integration Joint Board. • Enable reporting of the financial performance and position of Argyll and Bute Integration Joint Board. • Maintain records of budgets, budget savings, forecast outturns, variances, variance explanations, proposed remedial actions and financial risks.
Financial Systems. The Grantee shall have financial systems in place to maintain internal controls, ensure proper management of federal and state funds, maximize non-federal resources, and maintain solvency. The Grantee’s accounting and internal control systems must meet the following requirements:
A. The systems must be appropriate to the size of the organization.
B. The accounting system must consist of source documents, a chart of accounts, journals, ledgers, and routine financial reports.
Financial Systems. 8.3.1 The Chief Financial Officer will work with the Section 95 Officer of the Council and Director of Finance of NHS Highland to ensure appropriate systems and processes are in place to: • Allow execution of financial transactions. • Ensure an effective internal control environment over such • Maintain a record of the income, expenditure, assets and liabilities of the IJB. • Enable reporting of the financial performance and position of the IJB. • Maintain records of budgets, budget savings, forecast outturns, variances, variance explanations, proposed remedial actions and financial risks.
Financial Systems. 46.1.1 For Individual Schemes funded from the Financial Contributions made to Pooled Fund 1, Lead Commissioning Arrangements will be utilised as set out above.
46.1.2 For Pooled Fund 2 any changes to the long term systems and commissioning arrangements will be jointly confirmed following the completion of a mobilisation project. Current arrangements will continue in the interim period, whereby the Council records transactions for residential care within the Council system and the CCG records the transactions for Funded Nursing Care and Continuing Health Care with the CCG financial system.
Financial Systems. IPS shall provide, or cause to be provided, to the Company at IPS's expense either the "Platinum" software or the "Xxxxxx" software. IPS shall give the Company notice of the software IPS has selected to provide (the "Offered Software") and IPS's cost and expense of providing such software (the "Software Expense"). The Company may, at its option, elect not to accept the Offered Software and instead acquire its own software for general ledger and related accounting functions (which may be the "Xxxxxx" software if the "Xxxxxx" software is not the Offered Software). In such event, IPS shall reimburse the Company for the cost of such software in an amount not to exceed the Software Expense.
Financial Systems. Recipients and subrecipients shall ensure that their own financial systems as well as those of their subrecipients provide fiscal control and accounting procedures that are:
(1) In accordance with generally ac- cepted accounting principles applicable in each State including:
(i) Information pertaining to subgrant and contract awards, obliga- tions, unobligated balances, assets, li- abilities, expenditures, and income;
(ii) Effective internal controls to safeguard assets and assure their prop- er use;
(iii) A comparison of actual expendi- tures with budgeted amounts for each subgrant and contract;
(iv) Source documentation to support accounting records; and
(v) Proper charging of costs and cost allocation; and
(2) Sufficient to:
(i) Permit preparation of required re- ports;
(ii) Permit the tracing of funds to a level of expenditure adequate to estab- lish that funds have not been used in violation of the applicable restrictions on the use of such funds;
(iii) As required by section 165(g), permit the tracing of program income, potential stand-in costs and other funds that are allowable except for funding limitations, as defined in § 627.480(f) of this part, Audits; and
(iv) Demonstrate compliance with the matching requirement of section 123(b)(2).
Financial Systems. 11.5.1 The Chief Financial Officer will work with the Section 95 Officer of Argyll and Bute Council and Director of Finance of NHS Highland to ensure appropriate systems and processes are in place to: • Allow execution of financial transactions. • Ensure an effective internal control environment over such transactions. • Maintain a record of the income expenditure, assets and liabilities of Argyll and Bute Health and Social Care Partnership. • Enable reporting of the financial performance and position of Argyll and Bute Health and Social Care Partnership. • Maintain records of budgets, budget savings, forecast outturns, variances, variance explanations, proposed remedial actions and financial risks.
Financial Systems. 30.1 SHL will use a ring-fenced section of the Council’s financial system (IBs Integra) to separately record all financial transactions relating to the SHL as a corporate entity, using a separate chart of accounts.
30.2 In order to ensure adequate separation from the accounts of the Council, the transactions of SHL as a corporate entity will be held as a separate company within Integra in a clearly defined discrete area of the system. These separate ledgers will have been created to enable independent financial management to be carried out together with the production of statutory accounts. Separate Companies will be set up in respect of SHL within the integrated Creditor and Sales modules. The integrated Stores module will be operated within SHL’s company entity.
30.3 The transactions in respect of the SHL corporate entity will be recorded in the SHL chart of accounts. However in the interests co-operation, mutual advantage and minimising diseconomies most payments and receipts will by transacted via SBC’s Bank Account. The transactions, together with specific transactions between SBC & SHL (Management Fee, SLA recharges, DLU works & Stores issues) will be closely managed through “inter company – indebtedness” accounts in the books of both SBC & SHL, respectively.
30.4 Virements between SHL budgets will require authorisation as set out in SHL’s Financial Regulation.
30.5 Payment of the management fee to SHL will be recorded in the Council’s Housing Revenue Account on Integra and credited to SHL.
30.6 Managed Budgets (both capital and revenue) will be operated by SHL but income and expenditure will be recorded in the Council’s HRA accounts in the Integra ledgers system.
30.7 SHL will have control over its own chart of accounts, determining cost/profit centres and a hierarchy of accounts as it sees fit. SHL will liaise with SBC in accordance with the Accountancy SLA to maintain the SHL chart of accounts.
30.8 Any new HRA Revenue or Capital codes required by SHL within the HRA will be requested by SHL and set up the Integra system in liaison with SBC in accordance with the Accountancy SLA.
30.9 Integra will have adequate security in place to ensure nobody (other than those properly authorised) can transfer budgets or actual spend between the SHL accounts and the Council’s accounts; can transfer budget or actual spend within SHL or SBC accounts or access the respective accounts of SHL or SBC to view and / or produce reports. The Council’s Chief Financial (Sec...
Financial Systems. Contractor shall maintain and implement financial policies which relate to Contractor’s systems for budgeting and operations forecasting. The policies shall include comparison of actual operations to budgeted operations, timelines used in the budgetary process, number of years prospective forecasting is performed and variance analysis, and follow-up procedures.
