Perkins Policies & Procedures
Fiscal Grant Management
Compliance with EDGAR
EDGAR establishes rules that apply to all education programs. Secondary to the Perkins Act itself, EDGAR is a primary reference for this guidebook. EDGAR regulations include, but are not limited to such issues as application procedures, financial administration, property management, records retention, lobbying and oversight. SDE, ACCS and colleges are subject to all applicable areas of the EDGAR. This guidebook includes excerpts from these publications; however, users should become familiar with both of the complete basic documents that apply to them. (Ref: 2 CFR Part 200, Subpart D- Post Federal Award Requirements)
Overview of Financial Management/Accounting Systems
- North Carolina accounts for Perkins grant funds in accordance with State laws and procedures for expending and accounting for its own funds. Fiscal control and accounting procedures of the State, as well as its sub-grantees, must be sufficient to:
- Permit preparation of reports required by the statutes of the grant, and
- Permit the tracing of funds to a level of expenditures adequate to establish that such funds have not been used in violation of the restrictions and prohibitions of applicable statutes.
- North Carolina's financial management systems of grantees and sub-grantees meets the following standards:
- Financial reporting. Accurate, current, and complete disclosure of the financial results of financially assisted activities must be made in accordance with the requirements of the grant or sub-grant.
- Accounting records. Grantees and sub-grantees must maintain records which adequately identify the source and application of funds provided for CTE activities. These records must contain information pertaining to grant or sub-grant awards and authorizations, obligations, unobligated balances, assets, liabilities, outlays or expenditures, and income.
- Internal control. Effective control and accountability must be maintained for all grant and sub-grant cash, real and personal property, and other assets. Grantees and sub- grantees must adequately safeguard all such property and must assure that it is used solely for authorized purposes.
- Budget control. Actual expenditures must be compared with budgeted amounts for each grant or sub-grant. Financial information must be related to performance or productivity data.
- Allowable cost. 2 C.F.R. Part 200; 200.404, Reasonable Costs and 200.405, Allocable Costs and ACCS policy and procedures contained herein, and the terms of grant and sub-grant agreements will be followed in determining the reasonableness, costs allowable, and allocable.
- Source documentation. Accounting records must be supported by such source documentation as cancelled checks, paid bills, payrolls, time and attendance records, contract and sub-grant award documents, etc.
- NCCCS may review the adequacy of the financial management system of any sub-grantee as part of a pre-award review or at any time subsequent to award.