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ELEMENTS OF A FMS PDF Print E-mail
Written by Orapan Boonsukij, Thailand   
Saturday, 01 October 2011 19:46

 

 

BASIC ELEMENTS OF A FINANCIAL MANAGEMENT SYSTEM

Introduction

Agencies are required to have an effective financial management system as a condition of receiving federal funds. Federal and state rules and regulations establish several criteria that the financial systems of agencies receiving funds must meet. These criteria can be grouped in several different ways.

However, we have chosen to rely heavily on the Federal "Common Rule," which broadly establishes standards for financial management which are applicable to most grants, and we have identified seven essential elements to an effective financial management system. They are:

  1. Financial Reporting
  2. Accounting Records and Source Documentation
  3. Internal Control
  4. Budget Control
  5. Allowable Cost
  6. Cash Management
  7. Compliance

 

 

 

Last Updated on Thursday, 03 November 2011 17:13
 
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