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§29.506. What standards apply to a Tribe's financial management systems when carrying out a compact and funding agreement?

49 C.F.R. § 29.506

The following standards apply to a Tribe's financial management systems when carrying out a compact and funding agreement:
(a)
The system must expend and account for funds included in a funding agreement in accordance with:
(1)
The compact and funding agreement;
(2)
All statutory requirements applicable to the funding source; and
(3)
Applicable provisions of 2 CFR part 200.
(b)
The fiscal control and accounting procedures of a Tribe's financial management system must be sufficient to:
(1)
Permit the preparation of reports required by applicable Federal law, the compact, funding agreement, and this part; and
(2)
Permit the tracing of program or project funds to a level of expenditure adequate to establish that the funds have not been used in violation of any restrictions or prohibitions contained in any statute or provision of 2 CFR part 200 that applies to the funds included in the compact and funding agreement.
Notes, amendments, and revision history

Authority

Authority: 23 U.S.C. 207

Source

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