Section R. 400.19515 - Standards for financial closeout proceduresRule 515. Financial closeouts requirements for all bureau grantees include all of the following:
(a) All closing journal voucher activity shall be reviewed by the grantee's finance director and entered in the grantee's general ledger.(b) Final trial balances shall be prepared by the grantee's bookkeeper and shall be reviewed by its finance director before the preparation of the grantee's final financial report. A copy of the final trial balance shall be retained in the front of the grantee's general ledger.(c) The grantee's final monthly reconciliation shall be accomplished simultaneous to closing the general ledger.(d) Appropriate grantee staff shall compare any interagency account balances with the control ledger to insure agreement.(e) Appropriate grantee staff must adhere to proper document retention and storage procedures for electronic and physical files and shall assemble necessary documents for grantee audits, including all of the following documents: (i) Copies of all grant actions, amendments, budgets, and contracts.(ii) All bank statements and all monthly bank reconciliations.(iii) Copies of all monthly trial balances and all monthly finance reports.(iv) All claimed in-kind documentation, which shall be filed.(v) All payment vouchers and journal vouchers, which shall be filed numerically.(vi) Other documents as requested by the bureau.(f) Following audits, a grantee shall place all program and financial documents listed in subdivision (e) of this rule into a records storage container for placement in a designated records retention area.Mich. Admin. Code R. 400.19515