---
kind: "section"
citation: "49 C.F.R. § 29.505"
title: "49"
number: "29.505"
heading: "What are the financial management systems that a Tribe carrying out a compact and funding agreement must develop, implement, and maintain to ensure the proper expenditure and accounting of Federal funds?"
url: "https://uscodex.org/cfr/49/29.505"
---

# §29.505. What are the financial management systems that a Tribe carrying out a compact and funding agreement must develop, implement, and maintain to ensure the proper expenditure and accounting of Federal funds?

- (a) **Generally.** To ensure the proper expenditure and accounting of Federal funds, a Tribe carrying out a compact and funding agreement must develop, implement, and maintain financial management systems that meet the financial standards and minimum requirements set forth in §§ [29.506](/cfr/49/29.506.md) and [29.507](/cfr/49/29.507.md), unless the Department waives, in whole or in part, one or more of the standards.
- (b) **Applicability to Tribal contractors.** A Tribe may require that its contractors comply with some or all of the standards and requirements in §§ [29.506](/cfr/49/29.506.md) and [29.507](/cfr/49/29.507.md) when the Tribe retains contractors to assist in carrying out the requirements of a funding agreement.
- (c) **Evaluation.** When required under [2 CFR part 200](/cfr/2/part200.md), an independent auditor retained by a Tribe must evaluate the financial management systems of the Tribe through an annual audit report in accordance with the Single Agency Audit Act, [31 U.S.C. 7501-7506](/usc/31/7501-7506.md).

## Notes

### Authority

Authority: 23 U.S.C. 207

### Source

Source: 85 FR 33504, June 1, 2020, unless otherwise noted.