NC Pro webinar outlines recordkeeping, budgeting and audit requirements for SFRF recipients

During a recent NC Pro technical assistance webinar, presenters John Martel, presenter, and Chris Nelson, co-presenter, reviewed financial-management requirements and leading practices for recipients and subrecipients of State Fiscal Recovery Funds and other state-passed federal awards.

The session emphasized that recipients must follow three overlapping frameworks: 2 CFR Part 200 (the federal Uniform Guidance), North Carolina administrative rules (Title 9, Subchapter 3M), and applicable state law. "The key takeaway for the 2 CFR 200 is that it serves as the foundational framework for managing your federal awards effectively and responsibly," John Martel said. The presenters warned that failing to follow the appropriate rules can lead to withheld payments, suspension or termination of awards, and required repayment of disallowed costs.

The webinar outlined core compliance areas: budgeting, accounting and records, financial-management systems, financial reporting, cost principles and audits. Presenters identified several specific requirements and recommended practices: retain and organize a complete project file; use a clear chart of accounts or project codes; maintain segregation of duties where feasible;…