Common use of Financial Management Standards Clause in Contracts

Financial Management Standards. The Recipient will establish and maintain fiscal control of an accounting system to meet the following criteria: 4.1.1. Records must provide information needed to adequately identify the receipt and the expenditure of funds pursuant to this Agreement and in accordance with OMB Circular A-110; 4.1.2. Entries in accounting records must refer to the documentation which supports the entry; 4.1.3. Records must provide accurate, current and complete financial reporting information; 4.1.4. A fund accounting system will be implemented to track expenses in accordance with generally accepted accounting principles for nonprofit organizations; 4.1.5. Records must be integrated with an adequate system of internal controls to safeguard the funds and assets provided by this Agreement; and 4.1.6. Support documents must be maintained so as to be easily accessible to a representative of the City.