Separate Revenue and Expenditure Accounts. Grantee must have an accounting system that meets the following requirements: (1) Provides for the clear identification, in its accounts, of all Federal awards, State awards, and matching funds received or expended. (2) Enables the preparation of reports required by general and program-specific terms and conditions of Grantee’s awards. (3) Allows the tracing of funds to a level of expenditures adequate to establish that such funds have been used according to the Federal statutes; regulations; and the terms and conditions of the Federal or State award. (4) Requires each Federal award, State award, and matching fund revenues and expenditures to be accounted, recorded, and tracked separately by funding source. (5) Includes classification of expenditures (e.g., personnel, commodities, equipment). (6) Maintains a system coding or classification system that permits summarization and reporting of grant revenue and expenditures by specific accounts, programs, projects, etc. (7) Ensures that Federal and State awarded funds and matching funds are not commingled with funds from other Federal, State, or private sources. See 2 CFR 200.302. (8) Maintain an accounting system that utilizes generally accepted standards of accounting.
Appears in 4 contracts
Samples: Grant Agreement, Grant Agreement, Grant Agreement
