ORD-2017-013 Ordinance approving Budget Amendment #10-B for Fiscal Year 2016-17

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7 adequately covered by bonding and/or employee di sh nest insurance t protect the Federal Government's interest, or for the total amount of the grant, whichever is less, and as authorized by the Agency. e F sections 304 and 310 and the Grant Agreement requirements. 7. FINANCIAL MANAGEMENT The Recipient must provide for Financial Management Systems that adhere to CFR 200.302: a. Accurate, current and complete disclosure of the financial results of each grant; b. Records that identify adequately the source and application of funds for grant- supported activities,together with documentation to support the records. Those records must contain information pertaining to grant awards and authorizations, obligations, uno li gated balances, assets, liabilities, outlays and income; C. Effective control over and accountability for all funds to ensure compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. Recipient must adequately safeguard all such assets and must ensure that funds are used solely for authorized purposes; and d. Recipient must retain financial records, supporting documents, statistical records, and all other records pertinent to the grant for a period of at least 3 years after Agency receipt of the FINAL Federal Financial Status Reports; except when audit findings and litigation issues have not been resolved,then the records must be retained beyond the - ear period or until such ndin s and/or issues have been resolved. The Recipient must provide the Agency and Comptroller General&f`the United States, or any of their duly authorized representatives, access to any boos, documents, papers, and records of the grantee that are pertinent to the specific grant program for the purpose of making audit, examination, excerpts, and transcripts. 8. DISBURSEMENT GRANT FUNDS Grant funds will be disbursed by the Agency on a reimbursement basis not to exceed one disbursement every 30 days. One original Standard Form (SF) 270, "Request for Advance or Reimbursement," or one original Standard Form (SF) 1, "Outlay Report and Request for Reimbursement for Construction Programs, will be submitted to the Agency with supporting documentation to validate eligible costs incurred. The financial management system of the Recipient organization shall provide for effective control over and accountability for all funds,property,and other assets. Expenditures may be reported on a cash or accrual basis, as long as the methodology i s disclosed and consistently applied.