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ARTICLE · 30 OCTOBER 2024

Grants Practice Shorts: Financial Management Systems

Feldesman Leifer
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Welcome to Feldesman's Grants Practice Shorts series where we discuss helpful tips and strategies in common areas of federal grant management.

United StatesFinance and Banking
Phillip A. Escoriaza
Phillip A. Escoriaza

Welcome to Feldesman's Grants Practice Shorts series where we discuss helpful tips and strategies in common areas of federal grant management. Be sure to check out our other installments on our Grants Practice Shorts page.

The last two weeks we addressed allowable costs under Federal grants and allocability of costs. We now turn to the requirement that a grantee be able to show how it used the awarded federal funds. This requirement is set forth formally at 2 C.F.R. § 200.302(b). To satisfy it, a grantee must generally have a financial management system with the following basic components:

  • General Ledger
  • General Journal
  • Chart of Accounts
  • Payroll System

General Ledger

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