[Code of Federal Regulations]
[Title 20, Volume 3]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 20CFR632.32]

[Page 287-288]
 
                      TITLE 20--EMPLOYEES' BENEFITS
 
 CHAPTER V--EMPLOYMENT AND TRAINING ADMINISTRATION, DEPARTMENT OF LABOR
 
PART 632--INDIAN AND NATIVE AMERICAN EMPLOYMENT AND TRAINING PROGRAMS--Table of Contents
 
           Subpart D--Administrative Standards and Procedures
 
Sec. 632.32  Financial management systems.

    (a) Each Native American grantee, subgrantee and contractor shall 
maintain a financial management system which will provide accurate, 
current and complete disclosure of the financial transactions under each 
grant, subgrant or contract activity, and will enable each Native 
American grantee, subgrantee or contractor to evaluate the effectiveness 
of program activities and meet the reporting requirements of this 
subpart.
    (b) Each Native American grantee, subgrantee and contractor shall 
maintain its financial accounts so that the reports required by the 
Department may be prepared therefrom.
    (c) To be acceptable for audit under this subpart, a Financial 
Status Report shall be:
    (1) Current as of the cut-off date of the audit;

[[Page 288]]

    (2) Taken directly from or linked by worksheet to the Native 
American grantee's books of original entry; and
    (3) Traceable to source documentation of the unit transaction.