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72 <br /> Financial Management ❑ N/A Yes No N/A <br /> What is the Accounting System for each grant program? <br /> 1. Is there a separate accounting for all financial transactions for the subaward? <br /> 2. Is a process in place to prevent co-mingling of funds? <br /> 3. Does the accounting system prevent obligation or expenditure of funds outside <br /> the subaward's period of availability? <br /> 4. Are accounting records supported by source documentation? <br /> 5. Were any illegal transfers or unusual activities noted during a review of the <br /> subrecipient's fund activity reports? <br /> 6. Does the system provide for prompt and timely recording and reporting of all <br /> financial transactions? <br /> 7. Is proper Fiscal record retention being followed (through Dec. 31, 2031)? <br /> What is the process for approval and payment of expenditures and posting to the General Ledger? <br /> 8. Are subaward costs identified as eligible prior to encumbering funds and placing <br /> an order? <br /> 9. Were the applicable State/Federal suspension and debarment listings consulted <br /> prior to doing business with a vendor and/or contractor? <br /> 10. Are all invoices reviewed by the project director for eligibility and marked 'okay to <br /> pay' prior to being submitted to the fiscal office or accounting staff for payment? <br /> 11. Are disbursements fully support by invoices, requisitions, purchase orders,or <br /> similar documents? <br /> 12. Are cancelled checks or warrants available for review? <br /> 13. Were all subaward funds that were received disabused within the allowable <br /> timeframe? <br /> What is the reconciliation process,and how are errors or adjustments handled? <br /> 14. Does the subrecipient perform routine reconciliations of its records against the <br /> General Ledger? By whom and how often? <br /> 15. Does the subrecipient have sufficient internal controls related to reconciliations? <br /> 16. Were actions taken to promptly correct any errors and/or resolve issues? <br /> General Comments <br /> Other Direct Costs ❑ N/A Yes No N/A <br /> How are rent,utilities,and other items allocated for the program? <br /> 1. Are rent payments documented by a copy of the lease agreement,and canceled <br /> checks or receipts? <br /> 2. Are receipts, bills,and invoices properly maintained? <br /> 3. Is the actual rate and method being charged to the grant consistent with the rate <br /> and method approved in the budget? <br /> 4. Are costs shared with other programs or funding sources? If yes, how are costs <br /> allocated? <br /> General Comments <br /> 20 of 39 <br />