310 CMR, § 40.1459 - Fiscal Management of Grants
(1) The
grantee is responsible for complying with
310
CMR 40.1451 through
310
CMR 40.1462 and the terms and conditions
contained in the Grant Agreement. This responsibility shall not be delegated,
transferred, or assigned by the grantee.
(2) The grantee shall establish for its
project a separate account in a bank with insurance coverage by the Federal
Deposit Insurance Corporation (FDIC). Project funds and all interest earned on
such funds shall be credited to said account and all project payments shall be
made from said account.
(3) The
grantee shall maintain a financial management system which shall provide for
effective control over and accountability for all project funds. Grantees shall
safeguard all such funds and ensure that they are used solely as authorized by
the Grant Agreement.
Notes
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