10.4 - Financial Management System Policy
It is the policy of the University to maintain a financial management system that provides for the following:
- Identification, in its accounts, of all Federal awards received and expended and the Federal programs under which they were received. Federal program and Federal award identification includes the Assistance Listings title and number, Federal award identification number and year, name of the Federal agency, and name of the pass-through entity, if any.
- Accurate, current, and complete disclosure of the financial results of each Federal award or program in accordance with the reporting requirements set forth in §200.328 and §200.329 and reporting program performance. (See Monitoring and Reporting Policy)
- Records that identify adequately the source and application of funds for federally-funded activities. These records will contain information pertaining to Federal awards, authorizations, obligations, unobligated balances, assets, expenditures, income, and interest and be supported by source documentation.
- Effective control over, and accountability for, all funds, property, and other assets. The University will adequately safeguard all assets and assure that they are used solely for authorized purposes.
- Ability to compare expenditures with budget amounts for each award to ensure total costs do not exceed the amounts budgeted for the grant period.
- Written procedures to implement the requirements of §200.305 (See Federal Payment Policy)
- Written procedures for determining the allowability of costs in accordance with 2 CFR subpart E—and the terms and conditions of the Federal award. (See Allowable Use of Funds Policy)