97-22404. Accounting Guide for LSC Recipients

[Federal Register Volume 62, Number 163 (Friday, August 22, 1997)]
[Notices]
[Page 44725]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-22404]


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LEGAL SERVICES CORPORATION


Accounting Guide for LSC Recipients

AGENCY: Legal Services Corporation.

ACTION: Final accounting guide for recipients.

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SUMMARY: The Legal Services Corporation (LSC or Corporation) hereby 
publishes as final the Accounting Guide for LSC Recipients (Accounting 
Guide), which was adopted by the LSC Board of Directors on July 13, 
1997. This Accounting Guide replaces the accounting portions of the 
1981 and 1986 editions of LSC Audit and Accounting Guide for Recipients 
and Auditors (Audit and Accounting Guide) and makes obsolete all 
previous editions of the Audit and Accounting Guide. The Audit Guide 
for LSC Recipients and Auditors, issued in 1995 and revised by the LSC 
Office of Inspector General in 1996, replaced the audit portions of 
both editions of the Audit and Accounting Guide. Copies of the 
Accounting Guide may be downloaded from LSC Homepage (WWW.LSC.GOV).

EFFECTIVE DATE: The requirements of the Accounting Guide are effective 
for recipients and subrecipients of LSC grant and contracts as of 
August 14, 1997.

FOR FURTHER INFORMATION CONTRACT: Charles Crittenden, Office of Program 
Operations, Legal Services Corporation, 750 First St., NE, 10th Floor, 
Washington, D.C. 20002-4250. (Telephone [phone]; Fax [phone]; 
E-Mail [email protected])

SUPPLEMENTARY INFORMATION: In addition to assisting recipients and 
their auditors in understanding the accounting and reporting 
requirements for contracts and grants entered into with the LSC, the 
Accounting Guide revises and updates LSC accounting and financial 
reporting requirements and guidelines based on recently promulgated 
Generally Accepted Accounting Principles (GAAP) that apply to not-for-
profit organizations. Using these new standards, the Accounting Guide 
describes the accounting policies, guidelines, records, and internal 
control procedures that LSC considers adequate to provide proper 
accounting, financial reporting, and management of LSC funds.
    Additionally, the Accounting Guide provides in individual 
appendices: (1) illustrative financial statement formats acceptable to 
LSC; (2) descriptions of recommended accounting records; (3) a sample 
chart of accounts; (4) accounting for property; (5) accounting for 
client trust funds; (6) other regulatory requirements for not-for-
profit organizations; (7) a checklist of accounting and internal 
control procedures; (8) Corporation regulations setting accounting 
policies; and (9) a glossary of terms.

    Dated: August 19, 1997.
John A. Tull,
Director.
[FR Doc. 97-22404 Filed 8-21-97; 8:45 am]
BILLING CODE 7050-01-P