20B - AA - LIBRARY GRANT - Laserfiche WebLink

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Internal Control Effective control and accountability must be maintained for all cash, real and personal property, and other assets. You must adequately safeguard all such property and provide assurance that it is used solely for authorized purposes. You must also have systems in place that ensure compliance with the terms and conditions of each grant award, Budget Control Records of expenditures must be maintained for each grant project by the cost categories of the approved budget (including indirect costs that are charged to the project), and actual expenditures are to be compared with budgeted amounts no less frecuently than quarterly. IMLS approval is required for certain budget revisions (see Article 10). Allowable Costs The applicable OMB cost principles, these General Terms and Conditions, and any special conditions of the grant award shall govern the determination of the reasonableness, allowability, and allocability of project costs. Cash Management You must also have written procedures to minimize the timc elapsing between the receipt and the disbursement of grant funds to avoid having excessive federal funds on hand, Requests for advance payment must follow the guidelines set forth in Article 12 of this document. Grant funds may only be obligated during the grant period, and they must be distributed no later than 90 days after the end of the grant period. 15. Do I need to get an audit of my organization's finances? You must obtain an audit, as required by the Single Audit Act Amendments of 1996 (31 U.S.C. § §750 t- 7507), and comply with the requirements of OMB Circular A433, "Audits of States, Local Governments, and Non -Profit Organizations," if you expend in the aggregate of $500,000 or more in federal funds on financial assistance awards or cost - reimbursement contracts in any Fiscal year ending after December 31, 2003. (Copies of A -133 may be obtained from R'ww Amb. Qov ) 16. What are the rules for retaining records after a grant is finished? You must meet the applicable federal requirements for record retention (for example, see 2 CFR §215.53 and 45 CFR § 1183.42), as consistent with the following standards: You must retain financial records, supporting documentation, statistical records, and all other records pertinent to the grant for three years from the date of submission of the final Federal Financial Status Report Form (SF425 form). Other requirements may apply for program income and indirect cost rate proposals, etc. 20B -31