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Agreement No.25-0378-3192301
<br /> statutory, rule-based or programmatic limit.
<br /> (d) A grantee who does not have a current negotiated rate, may elect to charge the de minimis rate as
<br /> set forth in CFR 200.414(f), which may be used indefinitely. No documentation is required to justify the de minimis
<br /> Indirect Cost Rate. 2 CFR 200.414(f).
<br /> 7.3. Transfer of Costs. Cost transfers between Grants, whether as a means to compensate for cost overruns or
<br /> for other reasons, are unallowable. 2 CFR 200.451.
<br /> 7.4. Commercial Organization Cost Principles. The federal cost principles and procedures for cost analysis and
<br /> the determination, negotiation and allowance of costs that apply to commercial organizations are set forth in 48 CFR Part
<br /> 31.
<br /> 7.5. Financial Management Standards. The financial management systems of Grantee must meet the following
<br /> standards:
<br /> (a) Accounting System. Grantee organizations must have an accounting system that provides
<br /> accurate, current, and complete disclosure of all financial transactions related to each state-and federally-funded
<br /> Program.Accounting records must contain information pertaining to State and federal pass-through awards,
<br /> authorizations, Obligations, unobligated balances, assets, outlays, and income. These records must be maintained
<br /> on a current basis and balanced at least quarterly. Cash contributions to the Program from third parties must be
<br /> accounted for in the general ledger with other Grant Funds. Third party in-kind (non-cash) contributions are not
<br /> required to be recorded in the general ledger, but must be under accounting control, possibly through the use of a
<br /> memorandum ledger. To comply with 2 CFR 200.305(b)(7)(i) and 30 ILCS 708/97, Grantee must use reasonable
<br /> efforts to ensure that funding streams are delineated within Grantee's accounting system. 2 CFR 200.302.
<br /> (b) Source Documentation. Accounting records must be supported by such source documentation as
<br /> canceled checks, bank statements, invoices, paid bills, donor letters, time and attendance records, activity reports,
<br /> travel reports, contractual and consultant agreements, and subaward documentation.All supporting documentation
<br /> must be clearly identified with the Award and general ledger accounts which are to be charged or credited.
<br /> (i) The documentation standards for salary charges to Grants are prescribed by 2 CFR
<br /> 200.430, and in the cost principles applicable to the Grantee's organization.
<br /> (ii) If records do not meet the standards in 2 CFR 200.430, then Grantor may notify Grantee in
<br /> PART TWO, PART THREE or Exhibit E of the requirement to submit personnel activity reports. 2 CFR
<br /> 200.430(i)(8). Personnel activity reports must account on an after-the-fact basis for one hundred percent
<br /> (100°/x)of the employee's actual time, separately indicating the time spent on the Award, other grants or
<br /> projects, vacation or sick leave, and administrative time, if applicable. The reports must be signed by the
<br /> employee, approved by the appropriate official, and coincide with a pay period. These time records must be
<br /> used to record the distribution of salary costs to the appropriate accounts no less frequently than quarterly.
<br /> (iii) Formal agreements with independent contractors, such as consultants, must include a
<br /> description of the services to be performed, the period of performance, the fee and method of payment, an
<br /> itemization of travel and other costs which are chargeable to the agreement, and the signatures of both the
<br /> contractor and an appropriate official of Grantee.
<br /> (iv) If third party in-kind (non-cash)contributions are used for Award purposes, the valuation of
<br /> these contributions must be supported with adequate documentation.
<br /> (c) Internal Control. Grantee must maintain effective control and accountability for all cash, real and
<br /> personal property, and other assets. Grantee must adequately safeguard all such property and must provide
<br /> assurance that it is used solely for authorized purposes. Grantee must also have systems in place that provide
<br /> reasonable assurance that the information is accurate, allowable, and compliant with the terms and conditions of this
<br /> Agreement. 2 CFR 200.303.
<br /> (d) Budget Control. Grantee must maintain records of expenditures for each Award by the cost
<br /> State of Illinois
<br /> GRANT AGREEMENT FISCAL YEAR 2025
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