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• • <br /> ` ` <br /> r <br /> E�HIBIT D <br /> Standards for Grantee Financial Management Systems <br /> Community Development Elock 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 all funds , <br /> property, and other assets . Subqrantees shall adequatelv <br /> safeguard all such assets and shall assu.re 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 wlzich are supported by source <br /> documentation. <br /> h. A systematic method to assur� 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 />