Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 30 - Mineral Resources |
Chapter VII - Office of Surface Mining Reclamation and Enforcement, Department of the Interior |
SubChapter C - Permanent Regulatory Programs for Non-Federal and Non-Indian Lands |
Part 735 - Grants for Program Development and Administration and Enforcement |
§ 735.25 - Financial management.
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§ 735.25 Financial management.
(a) The agency shall account for grant funds in accordance with the requirements of Office of Management and Budget Circular No. A-102. Agencies shall use generally accepted accounting principles and practices, consistently applied. Accounting for grant funds must be accurate and current.
(b) The agency shall adequately safeguard all funds, property, and other assets and shall assure that they are used solely for authorized purposes.
(c) The agency shall provide a comparison of actual amounts spent with budgeted amounts for each grant.
(d) When advances are made by a letter-of-credit method, the agency shall make drawdowns from the U.S. Treasury through its commercial bank as closely as possible to the time of making the disbursements.
(e) The agency shall support accounting records by source documentation.
(f) The agency shall design a systematic method to assure timely and appropriate resolution of audit findings and recommendations.