The financial management requirements for CDBG-CV funds are like other CDBG and CDBG-DR programs. As a grantee, you are required to develop program budgets with sources and uses, and track obligations and expenditures. Costs must be allowable (2 CFR Part 200.403), reasonable (2 CFR Part 200.404), and allocable (2 CFR Part 200.405). Grantees and subrecipients must adhere to relevant procurement requirements (2 CFR Part 200.317-326) and maintain adequate source documentation for all expenditures, including timesheets for all staff time charged to the grant. You must demonstrate adequate internal controls to ensure effective operations, reliable reporting, and compliance with applicable requirements. Your contracts must meet federal requirements, including period of performance, milestones/deliverables, and liquidated damages provisions. You must track and report on program income received and complete all other required financial and programmatic reporting in IDIS.
- Financial Management Structuring for CARES Act Funding Webinar – coming soon