Common use of FISCAL MANAGEMENT SYSTEMS AND ACCOUNTING STANDARDS Clause in Contracts

FISCAL MANAGEMENT SYSTEMS AND ACCOUNTING STANDARDS. The Grantee agrees that, at a minimum, its fiscal control and accounting procedures will be sufficient to permit tracing of Project Funds to a level of expenditure adequate to establish that such funds have not been used in violation of state law or this Agreement. The Grantee further agrees that it will maintain separate Project accounts in accordance with generally accepted accounting principles.

FISCAL MANAGEMENT SYSTEMS AND ACCOUNTING STANDARDS. The Grantee agrees that, at a minimum, its fiscal control and accounting procedures will be sufficient to permit tracing of Project Funds grant funded to a level of expenditure adequate to establish that such funds have not been used in violation of state law or this Agreement. The Grantee further agrees that it will maintain separate Project accounts in accordance with generally accepted accounting principles.