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<br />. <br /> <br />Establishing & Maintaining <br />the FMA Accounting System <br /> <br />. <br /> <br />Accounting Records <br /> <br />. <br /> <br />How to Manage a Planning Grant Award <br /> <br />A local jurisdiction (i.e. grant recipiellt) mLlst expand and account for <br />grant funds in accordance with \ocallaws and procedures for expending <br />and accounting for its own funds. Fiscal control of the local jurisdiction <br />must be sufficient to: <br /> <br />I. Provide for accurate, current and complete disclosure of the <br />financial status of the FMA planning grant award by budgct line <br />item. <br /> <br />2, Have a ledger system that adequately identifies deposits and <br />disbursements of the FMA planning grant award. Recipients must <br />be able to trace every FMA dollar received, and prove where it went <br />and for what it was used - - an audit trail must be established. <br /> <br />3, Provide effective control over and accountability ofFMA cash, real <br />and personal property, and other assets. Grant recipients must <br />adequately safeguard all property and must assure that it is used <br />solcly for authorized purposes, <br /> <br />4. Be able to compare actual expenditures with budgeted amounts as <br />identified on the funding approval notice and amendments. <br /> <br />5. Provide adequate procedures for minimizing the time elapsing <br />between the deposit of funds in the FMA bank account and their <br />disbursement. <br /> <br />6. Have accounting records that arc supported by source <br />documentation. <br /> <br />7. Be able to document sources of funding to be counted as the <br />required match, <br /> <br />The State Hazard Mitigation Officer, or designated official, may review <br />the adequacy of the grant recipients financial management system as <br />part of a preaward review or at any time subsequent to a grant award. <br /> <br />. <br /> <br />Please read the following section to determine if your current accounting <br />system will satisfy all of the requirements listed, If so, you may elect to <br />use either your own existing accounting system or to use the accounting <br />system described in this section, If you elect to use the local <br />jurisdictions existing accounting system for the FMA planning grant <br />award. then it must be demonstrated that the system satisfies the SEMA <br />standards and requirements and can provide the information described <br />herein. <br /> <br />The accounting records that are required to be maintained by SEMA <br />FMA planning grant recipients are listed on the following page, These <br />accounting records or a copy of these records must be kept at the local <br />jurisdictions main operating facility. <br /> <br />19 <br /> <br />How to Manage a Planning Grant Award <br />