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<br />. <br /> <br />How to Manage a Planning Grant Award <br /> <br />Accounting Records <br />(continued) <br /> <br />Re.uired Accountiug Records Information <br /> <br />1. <br /> <br />Transaction date, description, source document reference, and <br />amounts. <br /> <br />2, <br /> <br />Summary of receipts (FMA grant funds, program income). <br /> <br />3. <br /> <br />Summary of disbursements by budget line item as reflected on the <br />funding approval notice. <br /> <br />4, <br /> <br />Summary of cash transactions. <br /> <br />5. <br /> <br />Local funds (or other sources of funding) to be counted towards the <br />required 25 percent match must be accounted for as outlined in (1) <br />through (4) above, <br /> <br />Additional accounting record requirements include: <br /> <br />I. Transactions recorded in the accounting system must always be <br />referenced to a source document (e,g, check number, RFF number. <br />an amendment number. or the original contract budget award), <br /> <br />. <br /> <br />2, All source documents should be maintained for future review, <br /> <br />3, Transactions should be posted in a timely manner in order to <br />document that costs are controlled within the amount allocated by <br />budget line item. <br /> <br />. <br /> <br />Internal Control <br /> <br />It is essential that grant recipients establish internal controls in their <br />financial management systems to provide effective control over and <br />accountability for all funds, property and other assets, and to ensure that <br />they are used for authorized purposes. The following points should be <br />noted: <br /> <br />1. Financial management responsibilities should be separate so that no <br />one has complete control over all phases of any significant <br />transaction. <br /> <br />2. Verification and reconciliation of cash balances with bank <br />statements should be made by employees who do not handle or <br />record cash or sign checks. <br /> <br />. <br /> <br />3. All FMA expenditures (and funds used as the match), should be <br />approved by the city council/county commission through the <br />normal "bill paying" procedures prior to payment. <br /> <br />20 <br /> <br />How to Manage a Planning Grant Award <br />