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v . . .,. . <br /> EXHIBIT D <br /> Standards for Grantee Financial Management Systems <br /> Community Development Block Grant Regulations <br /> OMB Circular A-102, Attachment G <br /> 1 . Subgrantee financial management systems shall provide for : <br /> a. Accurate, current , and complete disclosure of the finan- <br /> cial results of each grant program in accordance with Federal <br /> reporting requirements. HUD requires reporting on an accrual <br /> basis. If the subgrantee ' s accounting records are not kept on <br /> that basis , the subgrantee should develop such information <br /> through an analysis of the documentation on hand or on the basis <br /> of best estimates . <br /> b . Records which identify adequately the source and ap- <br /> plication of funds for grant-supported activities. These records . <br /> shall contain information pertaining to grant awards and <br /> authorizations, obligations, unobligated balances, assets, <br /> liabilities, outlays, and income. <br /> c . Effective control over and accountability for ali funds, <br /> property, and other assets. Subgrantees shall adequately <br /> safeguard aIl such assets and shall assure that they are used <br /> solely for authorized purposes. <br /> d . Comparison of actual with budgeted amounts for each <br /> grant . Also , relation of financial information with performance <br /> or productivity data. <br /> e. Procedures to minimize the time elapsing between the <br /> transfer of funds from the U. S. Treasury and the disbursement by <br /> the subgrantee, whenever funds are advanced by the Federal <br /> Government . When advances are made by a letter-of-credit method , <br /> the subgrantee shall make drawdowns from the U. S. Treasury as <br /> close as possible to the time of making the disbursements. <br /> f. Procedures for determining the allowability and al- <br /> locability of costs in accordance with the provisions of OMB Cir- <br /> cular A-102, Attachment G. <br /> g . Accounting records which are supported by source <br /> documentation. � <br /> h . A systematic method to assure timely and appropriate <br /> resolution of audit findings and recommendations. <br /> 2. Subgrantees shall adopt all of the standards in paragraph 1 <br /> above. <br />