Common use of Fiscal Accountability Clause in Contracts

Fiscal Accountability. ‌ A. Subrecipient shall establish and maintain a sound financial management system, based upon generally accepted accounting principles. Subrecipient’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. Subrecipient’s Records. Subrecipient’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; 3. Permit the tracking of program income earned, and any costs incurred (such as stand- in costs) that are otherwise allowable except for funding limitation; and 4. Permit tracking and reporting of leveraging as required by SB734 (Section 14211 Unemployment Insurance Code § 14211 relating to workforce development.)

Fiscal Accountability. ‌ A. Subrecipient shall establish and maintain a sound financial management system, based upon generally accepted accounting principles. Subrecipient’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. Subrecipient’s Records. Subrecipient’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; 3. Permit the tracking of program income earned, and any costs incurred (such as stand- in costs) that are otherwise allowable except for funding limitation; and 4. Permit tracking and reporting of leveraging as required by SB734 (Section 14211 Unemployment Insurance Code § 14211 relating to workforce developmentSB734.)

Fiscal Accountability. ‌ A. Subrecipient shall establish and maintain a sound financial management system, based upon generally accepted accounting principles. Subrecipient’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. Subrecipient’s Records. Subrecipient’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 earned, and any costs incurred (such as stand- stand-in costs) that are otherwise allowable except for funding limitation; and 4. Permit tracking and reporting of leveraging as required by SB734 (Section 14211 Unemployment Insurance Code § 14211 relating to workforce development.)