6101 Federal Cash and Financial Management
The district’s financial management system and records will be sufficient for preparing required reports and tracing expenditures to a level that establishes funds have been used according to federal statutes, regulations, and the terms and conditions of the federal award. This is in addition to maintaining a system of funds and accounts in accordance with state law and the accounting manual (see Board Policy 6020).
The district’s financial management system will:
- Identify all federal awards received and expended, including specific information pertaining to the award; federal program name; CFDA title and number; identification number and year; and name of federal and any pass-through agency;
- Provide for accurate, current, and complete disclosure of the results of each federal award in accordance with reporting requirements;
- Include records and supporting documentation that identify the source and application of funds for federally funded activities, including authorizations, obligations, unobligated balances, expenditures, assets, income, and interest;
- Enable the district to maintain effective internal controls to ensure accountability, proper safeguarding, and use of all funds, property, and other assets (for example, adequate segregation of duties); and
- Provide a comparison of expenditures with budget amounts for each federal award.
In order for the district to comply with federal regulations for grant recipients, the superintendent will implement written procedures for:
1. Cash management; and
2. Determining the allowability of costs in accordance with cost principles and the federal award terms and conditions.
Legal References:
Code of Federal Regulations (CFR), Part 200 Uniform
Administrative Requirements, Cost Principles, and
Audit Requirements, Sections §200.302 and §200.305
Cash Management Improvement Act of 1990
Adoption Date: 12/12/17
Franklin Pierce Schools
Revised:
Classification: Essential