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FINANCIAL ACCOUNTING AND REQUESTING REIMBURSEMENT

By Eric Edwards,2014-05-16 08:06
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FINANCIAL ACCOUNTING AND REQUESTING REIMBURSEMENT

    FINANCIAL ACCOUNTING

    AND REQUESTING REIMBURSEMENT

    ? The Grantee shall keep records of all financial transactions in accordance

    with federal and state audit standards.

? The format for requesting reimbursement is provided on form Appendix E-

    1. The grantee may use additional sheets as necessary. The Grantee

    may request approval of an alternative reporting format.

? All requests for reimbursement shall be accompanied by with a progress

    report (see Appendix C).

    ? A request for reimbursement shall be submitted on a quarterly basis or as

    needed during the grant’s period of performance. The Grantee shall

    submit a final request for reimbursement with the final progress report.

? The Grantee shall submit documentation of eligible expenses and proof of

    payment of these expenditures for expenses incurred during the reporting

    period. Documentation of eligible expenses may include an online audit

    trail, copies of invoices, receipts, payroll or labor reports, or other proof

    that complies with federal and state audit standards. Proof of payment of

    expenditures may include a copy of a credit card receipt, receipt showing

    cash payment, cancelled checks, bank statements, or other proof that

    complies with federal and state audit standards. A supplemental

    accounting record may accompany the Grantee’s receipts and cancelled

    checks. Invoices are not considered proof of payment.

? If a grantee has an accounting system that meets state and federal audit

    standards, the grantee may request approval from the Grants

    Administrator of this system for submission of financial reports and proof

    of payment.

? The Recreational Trails Program and the Snowmobile Trials Program

    have required match contributions. The Recreational Trails Program

    match is 20% of the Total Project Cost and the Snowmobile Trails

    Program requires a 25% match of Total Project Cost.

? If the grantee is requesting reimbursement, the minimum match

    requirement must be met on each reimbursement request up to the

    amount of the request plus contributions. Reimbursements will not be

    processed until the match is met.

? For the Recreational Trails Program, the required match is determined by

    dividing the total amount of the reimbursement request by 80% (this gives

    you the total project cost for the period) and multiply this figure by 20%.

    For example, if a request for a $1,200 reimbursement is made, the

    minimum required match would be determined as follows:

    Requested Reimbursement Amount (TPC) X 20% =

    Minimum required match

    ($1,200 /80%) = $1,500 (TPC), $1,500 X 20% = $300 (Minimum Required Match)

? For the Snowmobile Trails Program, the required match is determined by

    dividing the total amount of the reimbursement request by 75% (this gives

    you the total project cost for the period) and multiply this figure by 25%.

    For example, if a request for a $1,200 reimbursement is made, the

    minimum required match would be determined as follows:

    Requested Reimbursement Amount (TPC) X 25% =

    Minimum required match

    ($1,200 /75%) = $1,600 (TPC), $1,600 X 25% = $400 (Minimum Required Match)

? The format for reporting required matching contributions is provided on

    form E 2. The grantee shall provide documentation for matching

    contributions similar to the documentation required for grant

    reimbursements. The Grantee may request approval of an alternative

    format for reporting matching contributions.

? The Grantee is entitled to payment for work completed or expenditures

    made in accordance with the grant agreement only.

? IF THE ABOVE ITEMS ARE NOT ADHERED TO, A DELAY IN

    PROCESSING PAYMENTS CAN RESULT.

? The progress reports shall be submitted to the Grants Administrator

    by email, fax or mail.

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