7.9.13 DOL Consortium Lead Grant Financial Management
Central Lakes College shall manage grants in a fiscally responsible manner following all MnSCU policies and procedures, to provide sound financial administration and to fully comply with all grant requirements, stipulations, special clauses & conditions, regulations as well as all state laws & regulations, MnSCU Policies, Procedures & Guidelines and CLC policies and procedures, and all other applicable requirements.
Part 2. Responsibilities.
When designated as the lead in a consortium grant, CLC accepts the responsibility for overall system wide financial management assurance. CLC is responsible for assuring financial administration for a college or university in conformance with all policies and system procedures.
CLC will establish written policies and procedures for general compliance requirements as defined by the grantor funding agencies, MnSCU and the State of Minnesota. Procedures shall be established to assure the proper disbursal of, and accounting for, grant funds. Such procedures shall ensure that all financial transactions are conducted and records maintained in accordance with generally accepted accounting principles.
CLC will perform periodic onsite monitoring visits and desk audits to ensure consortium compliance with DOL grant reporting requirements.
Consortium procedures will provide for the assurance that:
- quarterly federal financial reporting is in compliance with all applicable regulations;
- financial records are complete and safeguarded;
- financial information is accurate, reliable and useful for management reporting; and
- financial management methods support short term and longer term system and college and university strategic objectives.
CLC Grant Management Policy 7.9
U.S. Dept. of Labor TAACCCT Grant Award & SGA/DFA PY 11-08
Date of procedure creation: 02/10/2015
Author (s): Rebekah Kent, Director Strategic Grant Initiatives and
Jillian Cyann, Accounting Officer, AME & RITA Grant
Date of Implementation: 02/24/2015