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<br />Supporting Documents Form <br /> <br />B. Financial Caoabilitv <br /> <br />The grantee should prepare financial statements at least annually. At a minimum, current internal balance sheet and <br />income statements are required. A balance sheet is a statement of financial position of a grantee disclosing the assets, <br />liabilities. and retained earnings at a given point in time. An Income statement is a summary of the revenue and expenses <br />of a grantee for a specified period of time, usually for an accounting or fiscal year. <br /> <br />1. Has an independent audit been conducted of <br />the organization? If vest provide a copy of the <br />most recent audit report. If no. provide <br />copies of the most recent Balance Sheet and <br />Income Statement. <br /> <br />2. Does the organization prepare financial <br />statements at least annually? <br /> <br /> <br /> <br /> <br />3. According to the organization's most recent <br />Audit or Balance Sheet, are the current total <br />assets greater than the liabilities? <br /> <br />C. Budaetarv Controls <br /> <br />The grantee should establish a system to track expenditures against budget and/or <br />funded amounts. <br /> <br />1. Are there budgetary controls in effect (e.g., comparison of budget with actual <br />expenditures on a monthly basis) to preclude drawing down grant funds in excess of: <br /> <br />a) Total funds authorized on the Statement of <br />Grant Award? <br /> <br /> <br />b) Total funds available for any budget category <br />as stipulated on the Statement of Grant Award? <br /> <br /> <br />If the answer is 'No', to any <br />question, explain the corrective <br />action that will be taken to ensure <br />accountability. <br /> <br /> <br />If the answer is 'No', to any <br />question, explain the corrective <br />action that will be taken to ensure <br />accountability. <br /> <br /> <br />D. Internal Controls <br /> <br />The organization must safeguard cash receipts and disbursements and ensure a segregation of duties exists. For example, <br />one person should not have control over all aspects of the accounting system, such as signing checks and making <br />deposits. <br /> <br />If the answer is 'No', to any <br />1. Has the organization instituted safeguards to ensure adequate controls regarding the question, explain the corrective <br />following: action that will be taken to ensure <br />accountability . <br /> <br /> <br />a) Are accounting entries supported by <br />appropriate documentation (e.g., purchase <br />orders, vouchers, receipts, invoices)? <br /> <br />b) Is there separation of responsibility in the <br />receipt, payment, and recording of cash? <br /> <br />Other: <br /> <br />Page50f5 <br /> <br />Supporting Documents Form <br />