Common use of Financial Management Standards Clause in Contracts

Financial Management Standards. The Subgrantee will establish and maintain fiscal control of an accounting system to meet the following criteria: 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 (now in 2 CFR Part 200); 2. Entries in accounting records must refer to the documentation that supports the entry; 3. Records must provide accurate, current, and complete financial reporting information; 4. A fund accounting system will be implemented to track expenses in accordance with Generally Accepted Accounting Principles for nonprofit organizations; 5. Records must be integrated with an adequate system of internal controls to safeguard the funds and assets provided by this Agreement; and 6. Supporting documents must be maintained so as to be easily accessible to a representative of the City.

Financial Management Standards. The Subgrantee will shall establish and maintain fiscal control of an accounting system to meet the following criteria: 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 (now in 2 CFR C.F.R. Part 200); 2. Entries in accounting records must refer to the documentation that supports the entry; 3. Records must provide accurate, current, and complete financial reporting information; 4. A fund accounting system will shall be implemented to track expenses in accordance with Generally Accepted Accounting Principles for nonprofit organizations; 5. Records must be integrated with an adequate system of internal controls to safeguard the funds and assets provided by this Agreement; and 6. Supporting documents must be maintained so as to be easily accessible to a representative of the City.