Financial Management Standards - Office of Economic ...



Section 8:Fidelity Bond/Independent Audit/Financial Management StandardsFinancial Management StandardsThe financial management system used by the applicant is to provide for an annual audit, if required, in accordance with 24 CFR part 44 for Local Governments and private, nonprofit organizations are subject to the audit requirements in OMB Circular A-110 and OMB Circular A-133, as applicable, which states that,“Subrecipients that expend $750,000 or more in a year of Federal funds shall have a single or program-specific audit for that year. Entities that expend less than $750,000 are exempt from federal requirements for that year, but all [financial and program] records are to be available for the grant period under audit for review by appropriate officials of the federal applicant and the pass-thru entity [The South Carolina Department of Administration, Office of Economic Opportunity].”The subrecipient agrees to ensure the grant is administered in accordance with the requirements of this part and the guidelines and requirements for Local Governments outlined in OMB Circular A-102 and A-87 as they relate to the acceptance and use of ESG funds, and for nonprofit organizations as outlined in OMB Circular A-110 and A-122 and all other applicable federal and state requirements in effect for the period for which it receives grant funding; to include OEO fiscal controls and accounting procedures.Place the Single Audit Certification and/Financial Statement or Most recent certified Audit documents directly behind this section.Procurement of Good and ServicesProvide your agency’s process for conducting procurement procedures, as well as your written standards in accordance with OEO’s Fiscal Guidance and Procedural Manual for code of conduct for employees, officers and agents that will allow for competition in accordance with OMB Circular A-110: Subpart C: Procurement Standards. Insert copy of forms if necessary.___________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Indirect CostsProvide a copy of the current federally negotiated indirect cost rate agreement with a cognizant agency, or show the calculations for a charge of a10% de minimis rate, with the Modified Total Direct Costs for OEO to review. Insert copy of forms if necessary.___________ _____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ................
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