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.
Appears in 7 contracts
Samples: Grant Agreement, Grant Agreement, Grant Agreement
