Common use of GRANTEE FISCAL MONITORING REQUIREMENTS Clause in Contracts

GRANTEE FISCAL MONITORING REQUIREMENTS. 1. The Grantee agrees to do the following: a. Ensure training is provided to program staff related to preparing and reviewing program budgets and maintaining fiscal accountability related to expending state and federal funds. b. Employ or contract with an individual with sufficient knowledge and responsibility to ensure that: • Grantee has effective internal fiscal controls in compliance with guidance issued by the Comptroller General of the United States or the Committee of Sponsoring Organizations (COSO); • Grantee's financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP); • Grantee complies with this contract and all applicable state and federal regulations. 2. The minimum qualifications for this individual are: 1) Bachelor's Degree in Accounting or Finance, and 2) three years of relevant experience. Grantee may request DHHS approval for an individual with an Associate's Degree and significant relevant experience. 3. The Grantee shall immediately notify DHHS, in writing, if it is not in compliance with the above requirements. During any period of noncompliance, DHHS may withhold 10% from all payments due until the noncompliance is corrected.

GRANTEE FISCAL MONITORING REQUIREMENTS. 1. The Grantee agrees to do the following: a. Ensure training is provided to program staff related to preparing and reviewing program budgets and maintaining fiscal accountability related to expending state and federal funds. b. Employ or contract with an individual with sufficient knowledge and responsibility to ensure that: • Grantee has effective internal fiscal controls in compliance with guidance issued by the Comptroller General of the United States or the Committee of Sponsoring Organizations (COSO); • GranteeXxxxxxx's financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP); • Grantee complies with this contract and all applicable state and federal regulations. 2. The minimum qualifications for this individual are: 1) Bachelor's Degree in Accounting or Finance, and 2) three years of relevant experience. Grantee may request DHHS approval for an individual with an Associate's Degree and significant relevant experience. 3. The Grantee shall immediately notify DHHS, in writing, if it is not in compliance with the above requirements. During any period of noncompliance, DHHS may withhold 10% from all payments due until the noncompliance is corrected. 4.