Common use of FISCAL MANAGEMENT SYSTEMS AND ACCOUNTING STANDARDS Clause in Contracts

FISCAL MANAGEMENT SYSTEMS AND ACCOUNTING STANDARDS. The Contractor shall comply with state standards for financial management systems. At a minimum, the Contractor’s fiscal control and accounting procedures shall permit preparation of reports required by the state and tracking of grant funds to a level of expenditure adequate to establish that such funds have not been used in violation of state law or the terms of this contract. The Contractor shall maintain separate Project accounts in accordance with generally accepted government accounting standards.

FISCAL MANAGEMENT SYSTEMS AND ACCOUNTING STANDARDS. The Contractor shall comply with state standards for financial management systems. At a minimum, the Contractor’s fiscal control and accounting procedures shall permit preparation of reports required by the state State and tracking of grant funds to a level of expenditure adequate to establish that such funds have not been used in violation of state law or the terms of this contractAgreement. The Contractor shall maintain separate Project accounts in accordance with generally accepted government accounting standards.