7 CFR 247.27 - Financial management.

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There is 1 rule appearing in the Federal Register for 7 CFR 247. View below or at eCFR (GPOAccess)
§ 247.27 Financial management.
(a) What are the Federal requirements for State and local agencies with regard to financial management? State and local public agencies must maintain a financial management system that complies with the Federal regulations contained in part 3016 of this title, while nonprofit organizations must comply with the Federal regulations contained in part 3019 of this title. The State agency's financial management system must provide accurate, current, and complete disclosure of the financial status of the program, including an accounting of all program funds received and expended each fiscal year. The State agency must ensure that local agencies develop and implement a financial management system that allows them to meet Federal requirements.
(b) What are some of the major components of the State agency's financial management system? In addition to other requirements, the State agency's financial management system must provide for:
(1) Prompt and accurate payment of allowable costs;
(2) Timely disbursement of funds to local agencies;
(3) Timely and appropriate resolution of claims and audit findings; and
(4) Maintenance of records identifying the receipt and use of administrative funds, funds recovered as a result of claims actions, program income (as defined under § 247.25(e)), and property and other assets procured with program funds.

Title 7 published on 2014-01-01

The following are only the Rules published in the Federal Register after the published date of Title 7.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-07-09; vol. 79 # 131 - Wednesday, July 9, 2014
    1. 79 FR 38748 - Commodity Supplemental Food Program (CSFP): Implementation of the Agricultural Act of 2014
      GPO FDSys XML | Text
      DEPARTMENT OF AGRICULTURE, Food and Nutrition Service
      Final rule.
      Effective Date: This rule will become effective on August 8, 2014, without further notice.
      7 CFR Part 247

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United States Code
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Title 7 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 7 CFR 247 after this date.

  • 2014-07-09; vol. 79 # 131 - Wednesday, July 9, 2014
    1. 79 FR 38748 - Commodity Supplemental Food Program (CSFP): Implementation of the Agricultural Act of 2014
      GPO FDSys XML | Text
      DEPARTMENT OF AGRICULTURE, Food and Nutrition Service
      Final rule.
      Effective Date: This rule will become effective on August 8, 2014, without further notice.
      7 CFR Part 247