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Financial Assistance for National Centers for Coastal Ocean Science

Published on AidPage by IDILOGIC on Jun 24, 2005

Post assistance requirements...

Reports

Semi-annual and final performance reports; quarterly and final financial reports, and other special reports as may be required on a case-by-case basis.

Note: This section indicates whether program reports, expenditure reports, cash reports or performance monitoring are required by the Federal funding agency, and specifies at what time intervals (monthly, annually, etc.) this must be accomplished.

Audits

In accordance with the provisions of OMB Circular No. A-133, recipients that are States, Local Governments, Nonprofit Organizations, and Institutions of Higher Learning shall be subject to the audit requirements contained in the Single Audit Act Amendments of 1996 (31 U.S.C. 7501-7507). Commercial organizations shall be subject to the audit requirements as stipulated in the award document.

Note: This section discusses audits required by the Federal agency. The procedures and requirements for State and local governments and nonprofit entities are set forth in OMB Circular No. A-133. These requirements pertain to awards made within the respective State's fiscal year - not the Federal fiscal year, as some State and local governments may use the calendar year or other variation of time span designated as the fiscal year period, rather than that commonly known as the Federal fiscal year (from October 1st through September 30th).

Records

All financial and programmatic records, supporting documents, statistical reports, and other records of grantees or sub grantees are required to be maintained by the terms of the agreement (OMB Circular No. A110 for institutions of higher education and other nonprofit organizations and with 15 CFS Part 24 for State and local governments). The grantee must retain records for three years from the date when the final expenditure report is submitted.

Note: This section indicates the record retention requirements and the type of records the Federal agency may require. Not included are the normally imposed requirements of the General Accounting Office. For programs falling under the purview of OMB Circular No. A-102, record retention is set forth in Attachment C. For other programs, record retention is governed by the funding agency's requirements.