Common use of Fiscal Accountability Clause in Contracts

Fiscal Accountability. ‌ A. Contractor shall establish and maintain a sound financial management system, based upon generally accepted accounting principles. Contractor’s system shall provide fiscal control and accounting procedures that will include the following: 1. Information pertaining to sub-grant and Contract awards, obligations, unobligated balances, assets, expenditures, and income; 2. Effective internal controls to safeguard assets and assure their proper use; 3. A comparison of actual expenditures with budgeted amounts for each sub grant and Contract; 4. Source documentation to support accounting records; and 5. Proper charging of costs and cost allocation. B. Contractor’s Records. Contractor’s records shall be sufficient to: 1. Permit preparation of required reports; 2. Permit tracking of funds to a level of expenditure adequate to establish that funds have not been used in violation of the applicable restrictions on the use of such funds; and; 3. Permit the tracking of program income, or profits earned, and any costs incurred (such as stand-in costs) that are otherwise allowable except for funding limitation.

Fiscal Accountability. ‌ A. Contractor a. CONTRACTOR shall establish and maintain a sound financial management system, based upon generally accepted accounting principles. ContractorCONTRACTOR’s system shall provide fiscal control and accounting procedures that will include the following: 1. ) Information pertaining to sub-grant and Contract contract awards, obligations, unobligated balances, assets, expenditures, and income; 2. ) Effective internal controls to safeguard assets and assure their proper use; 3. ) A comparison of actual expenditures with budgeted amounts for each sub sub- grant and Contractcontract; 4. ) Source documentation to support accounting records; and 5. ) Proper charging of costs and cost allocation. B. Contractorb. CONTRACTOR’s Records. ContractorCONTRACTOR’s records shall be sufficient to: 1. ) Permit preparation of required reports; 2. ) Permit tracking of funds to a level of expenditure adequate to establish that funds have not been used in violation of the applicable restrictions on the use of such funds; and; 3. ) Permit the tracking of program income, or profits earned, and any costs incurred (such as stand-in costs) that are otherwise allowable except for funding limitation.

Fiscal Accountability. ‌ A. Contractor shall establish and maintain a sound financial management system, based upon generally accepted accounting principles. Contractor’s system shall provide fiscal control and accounting procedures that will include the following: 1. Information pertaining to sub-grant and Contract awards, obligations, unobligated balances, assets, expenditures, and income; 2. Effective internal controls to safeguard assets and assure their proper use; 3. A comparison of actual expenditures with budgeted amounts for each sub grant and Contract; 4. Source documentation to support accounting records; and 5. Proper charging of costs and cost allocation. B. Contractor’s Records. Contractor’s records shall be sufficient to: 1. Permit preparation of required reports; 2. Permit tracking of funds to a level of expenditure adequate to establish that funds have not been used in violation of the applicable restrictions on the use of such funds; and; 3. Permit the tracking of program income, or profits earned, and any costs incurred (such as stand-in costs) that are otherwise allowable except for funding limitation.

Fiscal Accountability. ‌ A. Contractor a. CONTRACTOR shall establish and maintain a sound financial management system, based upon generally accepted accounting principles. ContractorCONTRACTOR’s system shall provide fiscal control and accounting procedures that will include the following: (1. ) Information pertaining to sub-grant and Contract contract awards, obligations, unobligated balances, assets, expenditures, and income; (2. ) Effective internal controls to safeguard assets and assure their proper use; (3. ) A comparison of actual expenditures with budgeted amounts for each sub sub- grant and Contractcontract; (4. ) Source documentation to support accounting records; and (5. ) Proper charging of costs and cost allocation. B. Contractorb. CONTRACTOR’s Records. ContractorCONTRACTOR’s records shall be sufficient to: (1. ) Permit preparation of required reports; (2. ) Permit tracking of funds to a level of expenditure adequate to establish that funds have not been used in violation of the applicable restrictions on the use of such funds; and; (3. ) Permit the tracking of program income, or profits earned, and any costs incurred (such as stand-in costs) that are otherwise allowable except for funding limitation.