Common use of Fiscal Management Clause in Contracts

Fiscal Management. Grantee must have accounting and internal control systems to ensure proper management of federal and state funds, maximize non-federal resources, and maintain solvency. Xxxxxxx’s accounting and internal control systems must meet the following requirements: 3.3.1 The systems must be appropriate to the size of the organization; 3.3.2 The accounting system must consist of source documents, a chart of accounts, journals, ledgers, and routine financial reports; 3.3.3 The accounting 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; 3.3.4 The accounting and internal control system must safeguard Grantee’s assets, produce accurate accounting data, promote efficient operations, and encourage adherence to prescribed accounting policies and procedures; and 3.3.5 The accounting and internal control systems must involve a division of responsibility among different employees for a sequence of related functions, clear establishment of each employee's responsibilities and duties, and use of standards such as procurement policies, proofs, checks, and other security measures.

Fiscal Management. Grantee must have accounting and internal control systems to ensure proper management of federal and state funds, maximize non-federal resources, and maintain solvency. XxxxxxxGrantee’s accounting and internal control systems must meet the following requirements: 3.3.1 The systems must be appropriate to the size of the organization; 3.3.2 The accounting system must consist of source documents, a chart of accounts, journals, ledgers, and routine financial reports; 3.3.3 The accounting 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; 3.3.4 The accounting and internal control system must safeguard Grantee’s assets, produce accurate accounting data, promote efficient operations, and encourage adherence to prescribed accounting policies and procedures; and 3.3.5 The accounting and internal control systems must involve a division of responsibility among different employees for a sequence of related functions, clear establishment of each employee's responsibilities and duties, and use of standards such as procurement policies, proofs, checks, and other security measures.