Get email alerts on the Fiscal Compliance topic
No spam. Unsubscribe anytime.
Committee forwards federal-fiscal compliance package with shorter record-retention timeline and procurement updates
Summary
Policy 626 and Attachments 1–5, plus new Policy 626.1 on travel reimbursement, were presented to the committee; updates include audit-procedure changes, mandatory violation reporting, a reduction of federal record retention to three years, and procurement guidance (RFPs, Buy American, procurement chart).
Nicole Dice summarized a comprehensive set of PSBA-recommended updates to Policy 626 (Federal Fiscal Compliance) and associated attachments. The minutes state the update includes revised audit procedures, mandatory violation reporting, and a change to the federal record-retention timeline from five years to three; the committee agreed to forward the policy and its attachments to the full board for first reading.
Attachments described in the minutes cover administration of federal funds, grant subrecipient monitoring procedures, allowability of costs, procurement (including Requests for Proposals, Buy American language, and a new procurement chart), and cash-management for federal programs. The committee also agreed to forward new Policy 626.1, which establishes travel-reimbursement procedures for federal programs. No budget figures or roll-call votes are recorded in the committee minutes.
