CFR > Title 20 - Employees' Benefits > CHAPTER V—EMPLOYMENT AND TRAINING ADMINISTRATION, DEPARTMENT OF LABOR > PART 632—INDIAN AND NATIVE AMERICAN EMPLOYMENT AND TRAINING PROGRAMS > SUBPART D—Administrative Standards and Procedures (§632.31 to §632.44) > 632.32—Financial management systems.

632.32—Financial management systems.

(a) Each Native American grantee, subgrantee and contractor shall maintain a financial management system which will provide accurate, current and complete disclosure of the financial transactions under each grant, subgrant or contract activity, and will enable each Native American grantee, subgrantee or contractor to evaluate the effectiveness of program activities and meet the reporting requirements of this subpart.
(b) Each Native American grantee, subgrantee and contractor shall maintain its financial accounts so that the reports required by the Department may be prepared therefrom.
(c) To be acceptable for audit under this subpart, a Financial Status Report shall be:
(1) Current as of the cut-off date of the audit;
(2) Taken directly from or linked by worksheet to the Native American grantee's books of original entry; and
(3) Traceable to source documentation of the unit transaction.