Section R. 400.19514 - Standards for grantee financial management systemsRule 514. Financial management systems of all bureau grantee's shall provide for all of the following:
(a) Accurate, current, and complete disclosure of the financial results of all grant programs operated or administered by the agency.(b) Records that adequately identify the source and application of funds for each grant-supported activity.(c) Effective control over, and accountability for, all funds, property, and other assets.(d) A comparison of actual outlays with budgeted amounts for each grant.(e) Accounting records, supported by source documentation, which shall be accessible to the bureau, of all funds administered by the agency.(f) Timely notice and regular reports to the bureau of the status of any current or imminent litigation or other legal proceeding involving the grantee or the grantee's personnel that affects or may affect bureau-administered funds.Mich. Admin. Code R. 400.19514