LAC 43:XV.9723. Financial Management

A. The office shall account for grant funds in accordance with the requirements of Office of Management and Budget Circular No. A-102. The office shall use generally accepted accounting principles and practices consistently applied. Accounting for grant funds must be accurate and current. B. The office shall adequately safeguard all accounts, funds, property and other assets and shall assure that they are used solely for authorized purposes. C. The office shall provide a comparison of actual amounts spent with budgeted amounts for each grant. D. When advances are made by a letter-of-credit method, the office shall make drawdowns from the U.S. Treasury through its commercial bank as closely as possible to the time of making the disbursements. E. The office shall design a systematic method to assure timely and appropriate resolution of audit findings and recommendations.