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General Accounting Subgrantees must have sufficient control and accounting procedures to demonstrate compliance with required procedures; to show that Federal funds have not been used for unauthorized purposes; and to account for expenditure of all project funds. Project funds include the total amount of cash available to defray direct costs of the project. They consist of the LSTA grant award amount plus the local matching share provided by the grant recipient. Documentation for the LSTA portion should include the grant application, the Notification of Grant Award, the grant agreement, and records of receipt and disposition of grant funds. The local matching share should document the local matching expenditures related to the project. The financial records shall adequately identify the source, amount, and date of receipt of all cash authorizations, obligations, unobligated balances, assets, liabilities, outlays or expenditures, and income. |
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Source Documentation Accounting records must be supported by such source documentation as cancelled checks, paid bills, purchase orders, payrolls, time and attendance records, property inventory records listing equipment purchased, contract documents, and any other back-up documentation pertaining to the expenditure and receipt of grant and matching funds. |
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Accounting at the Project Level Most official records are kept at the subgrantee's central accounting offices. Project managers should, however, keep some type of records to provide up-to-date information on category and project expenditures and balances both from grant and matching funds. |