Characteristics of an Effective Financial Management System

Characteristics of an Effective Financial Management System

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10. Internal Controls

1. Regulatory Requirements

9. Reporting

8. Matching Requirements

and In-Kind Contributions

Effective Financial Management

7. Time & Activity

Documentation

6. Budget Controls

2. Written Policies and Procedures

5. Efficient Accounting

System

3. Documentation

of Expenses

1 4. Managing

42 Cash

Regulatory Requirements

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OMB Circular Requirements

State Requirements Federal Grant Provisions Award Letter

Program

412

OMB Circulars

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Type of Institution

Cost Principles

Administrative Requirements

Audit Requirements

State and Local OMB Circular A-87 "Common Rule"

A-133

Governments

A-102

Non Profit Organizations

OMB Circular A122

OMB Circular A110

1 Colleges and

Universities

OMB Circular A-21 OMB Circular A110

2 Cost Circulars can be found at:

4

A-133 A-133

Written Policies and Procedures 0011 0010 1010 1101 0001 0100 1011

? Organization operates within a written set of policies and procedures.

? All staff are familiar with policies and procedures.

? Organizational policies and procedures are up-

1 to-date.

? Policies and procedures incorporate grant

42 provisions.

Documentation of Expenses

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? All staff are familiar with documentation requirements for grants.

? All expenses have supporting documentation that directly relates to expense funded under the grant.

1 ? Organization has proper record retention policy.

? Documentation supports expenditure

2 requirements: reasonableness, necessity,

allocability, allowability, and adherence to grant

4 guidelines.

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