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Federal Transit Administration
Financial Management Oversight Seminar 2005

Page 50 - Common Rule - Accounting Records

18.20(b)(2) Accounting Records. "Grantees and subgrantees must maintain records, which adequately identify the source and application of funds provided for financially-assisted activities. These records must contain information pertaining to grant or subgrant awards and authorizations, obligations, unobligated balances, assets, liabilities, outlays or expenditures, and income." The grantee’s project financial accounting system must interface with the grantee’s overall financial management system.


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2005 - Federal Transit Administration