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Financial Management Systems

All subrecipients are required to establish and maintain grant accounting systems and financial records to accurately account for funds awarded to them. As a grant recipient, your agency must have a financial management system in place able to record and report on the receipt, obligation and expenditure of grant funds.

The subrecipient’s accounting system must be able to provide accurate, current and complete disclosure of how funds were expended for each funding stream; must be able to identify the Catalog of Federal Domestic Assistance (CFDA) title and number for all federal funds received and must include the following:

  • A separate accountability of receipts, expenditures, obligations, and balances for each funding stream.
  • Itemized records supporting all grant receipts, expenditures and match contributions in sufficient detail to document the exact nature of fiscal activity.
  • Data and information for each expenditure and match contribution with proper reference to a supporting voucher or bill properly approved.
  • Maintain payroll authorizations and vouchers.
  • Maintain a time and effort reporting system. Time and effort reports should describe work activity related to the project, match what is submitted with claims, be signed and dated by the employee and supervisor, to document hours worked on grant activities, itemized by funding stream. Match hours must be documented in the same manner.
  • Maintain records supporting charges for fringe benefits.
  • Maintain records supporting charges for equipment purchased, rented, donated, or destroyed. See Chapter XII. Property and Equipment for more information.
  • Maintain billing records for consumable supplies (i.e. paper, printing) purchased. See Chapter X. Purchasing Procedures.
  • Lease agreements, contracted services, and equipment purchases that adhere to established procurement processes. See Chapter XIV. Procurement of Goods and Services and Chapter XV. Procurement of Professional Services for more information.
  • Accounting records must also record program income. See Chapter IV. Program Income Procedures for more information.
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