Common use of Standards for Financial Management Clause in Contracts

Standards for Financial Management. In accordance with 2 CFR 200 – Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, SUBRECIPIENT will develop, implement and maintain financial management and control systems, which include at a minimum accurate payroll, accounting and financial reporting records, cost source documentation, effective internal and budgetary controls, and determination of reasonableness, allowability and allocability of costs, and timely and appropriate audits and resolution findings. SUBRECIPIENT shall maintain an effective accounting system, which will: i. Identify and record valid transactions ii. Record transactions to the proper accounting period in which transactions occurred iii. Describe transactions in sufficient detail to permit proper classification iv. Maintain records that permit the tracing of funds to a level of detail that establishes that the funds have been used in compliance with contract requirements v. Adequately identify the source and application of funds of each grant contract vi. Generate current and accurate financial reports in accordance with contract requirements

Standards for Financial Management. In accordance with 2 CFR 200 – - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, SUBRECIPIENT . Subrecipient will develop, implement and maintain financial management and control systems, which include at a minimum accurate payroll, accounting and financial reporting records, cost source documentation, effective internal and budgetary controls, and determination of reasonableness, allowability and allocability of costs, and timely and appropriate audits and resolution findings. SUBRECIPIENT Subrecipient shall maintain an effective accounting system, which will: i. a. Identify and record valid transactions; ii. b. Record transactions to the proper accounting period in which transactions occurred iii. occurred; c. Describe transactions in sufficient detail to permit proper classification; iv. d. Maintain records that permit the tracing of funds to a level of detail that establishes that the funds have been used in compliance with contract requirements; v. e. Adequately identify the source and application of funds of each grant contract; and vi. f. Generate current and accurate financial reports in accordance with contract requirements.

Standards for Financial Management. In accordance with 2 CFR 200 – Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, SUBRECIPIENT CITY OF XXXXXXX will develop, implement and maintain financial management and control systems, which include at a minimum accurate payroll, accounting and financial reporting records, cost source documentation, effective internal and budgetary controls, and determination of reasonableness, allowability and allocability of costs, and timely and appropriate audits and resolution findings. SUBRECIPIENT CITY OF XXXXXXX shall maintain an effective accounting system, which will: i. Identify and record valid transactions, ii. Record transactions to the proper accounting period in which transactions occurred occurred, iii. Describe transactions in sufficient detail to permit proper classification, iv. Maintain records that permit the tracing of funds to a level of detail that establishes that the funds have been used in compliance with contract requirements, v. Adequately identify the source and application of funds of each grant contract, and vi. Generate current and accurate financial reports in accordance with contract requirements.