Financial Management Systems. Contractor’s financial systems shall contain the following: a. Accurate, current and complete disclosure of the financial results of each contract; b. Records that identify the source and application of funds; c. Control over and accountability for all funds, property and other assets; d. Comparison of actual outlays with budgeted amount for each contract; e. Procedures that minimize the time elapsing between the transfer of funds from the County and their disbursement by the Contractor; f. Procedures for determining reasonableness and allocability of costs; g. Accounting records that are supported by source documentation; h. Procedures for timely and appropriate resolution of audit findings and recommendations. The Contractor shall include these requirements in any subcontracts.
Appears in 13 contracts
Sources: Sales Contracts, Sales Contracts, Sales Contracts
Financial Management Systems. Contractor’s financial systems shall contain the following:
a. Accurate, current and complete disclosure of the financial results of each contract;
b. Records that identify the source and application of funds;
c. Control over and accountability for all funds, property and other assets;
d. Comparison of actual outlays with budgeted amount for each contract;
e. Procedures that minimize the time elapsing between the transfer of funds from the County and their disbursement by the Contractor;
f. Procedures for determining reasonableness and allocability of costs;
g. Accounting records that are supported by source documentation;
h. Procedures for timely and appropriate resolution of audit findings and recommendations. The Contractor shall include these requirements in any subcontracts.
Appears in 1 contract