735.25—Financial management.
(a)
The agency shall account for grant funds in accordance with the requirements of Office of Management and Budget Circular No. A-102. Agencies shall use generally accepted accounting principles and practices, consistently applied. Accounting for grant funds must be accurate and current.
(b)
The agency shall adequately safeguard all funds, property, and other assets and shall assure that they are used solely for authorized purposes.
(c)
The agency shall provide a comparison of actual amounts spent with budgeted amounts for each grant.
(d)
When advances are made by a letter-of-credit method, the agency shall make drawdowns from the U.S. Treasury through its commerical bank as closely as possible to the time of making the disbursements.
(f)
The agency shall design a systematic method to assure timely and appropriate resolution of audit findings and recommendations.