7 CFR 248.11 - Financial management system.

§ 248.11 Financial management system.

(a)Disclosure of expenditures. The State agency shall maintain a financial management system which provides accurate, current and complete disclosure of the financial status of the FMNP. This shall include an accounting for all property and other assets and all FMNP funds received and expended each fiscal year.

(b)Internal controls. The State agency shall maintain effective controls over and accountability for all FMNP funds. The State agency must have effective internal controls to ensure that expenditures financed with FMNP funds are authorized and properly chargeable to the FMNP.

(c)Record of expenditures. The State agency shall maintain records which adequately identify the source and use of funds expended for FMNP activities. These records shall contain, but are not limited to, information pertaining to authorization, receipt of funds, obligations, unobligated balances, assets, liabilities, outlays, and income.

(d)Payment of costs. The State agency shall implement procedures which ensure prompt and accurate payment of allowable costs, and ensure the allowability and allocability of costs in accordance with the cost principles and standard provisions of this part, 2 CFR part 200, subparts D and E and USDA implementing regulations 2 CFR part 400 and part 415, and FNS guidelines and Instructions.

(e)Identification of obligated funds. The State agency shall implement procedures which accurately identify obligated FMNP funds at the time the obligations are made.

(f)Resolution of audit findings. The State agency shall implement procedures which ensure timely and appropriate resolution of claims and other matters resulting from audit findings and recommendations.

(g)Reconciliation of food instruments. The State agency shall reconcile FMNP coupons in accordance with § 248.10(h).

(h)Transfer of cash. The State agency shall establish the timing and amounts of its cash draws against its Letter of Credit in accordance with 31 CFR part 205.

[ 59 FR 11517, Mar. 11, 1994, as amended at 60 FR 49747, Sept. 27, 1995; 81 FR 66496, Sept. 28, 2016]

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

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United States Code

Title 7 published on 06-Jun-2018 03:53

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 7 CFR Part 248 after this date.

  • 2018-04-03; vol. 83 # 64 - Tuesday, April 3, 2018
    1. 83 FR 14173 - Food and Nutrition Service Regulatory Implementation of Office of Management and Budget's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards; Correction
      GPO FDSys XML | Text
      DEPARTMENT OF AGRICULTURE, Food and Nutrition Service
      Correcting amendment.
      This document is effective April 3, 2018.
      7 CFR Parts 215, 227, 246, 247, 248, 249, 272, and 277