tailieunhanh - ACCOUNTING AND REPORTING PROCEDURES

A special case of the npv approach, known as the Hotelling valuation principle (see Miller and Upton, 1985 ), avoids the diYculties of forecasting future net revenues and then discounting them back to the present. This approach makes the strong and generally unrealistic assumption that the unit value of a resource grows at exactly the same rate as the appropriate discount rate. In the above example, this would imply that the unit value of the gold resource would grow at the dis- count rate of 10 percent per year; that is, the unit value would be $10 in the first year, $11 in the next year, $ in the following year, and. | 400 ACCOUNTING AND REPORTING PROCEDURES Click to Jump Fiscal Control and Accounting Requirements Amendments Obligations and Expenditures Time and Effort Cash Requests Program Income and Interest Earned Records Retention Project Closeouts FISCAL CONTROL AND ACCOUNTING REQUIREMENTS Go to Top The federal government requires the Office of Public Instruction OPI to set fiscal control and accounting procedures for its own funds and those of its subgrantees in accordance with state laws and policies. These fiscal control and accounting procedures must a. Permit preparation of required reports for state and federal officials and b. Permit funds to be traced to a level of expenditures adequate to establish that the funds have not been used in violation of restrictions and prohibitions of program statutes. FEDERAL FINANCIAL MANAGEMENT STANDARDS Federal financial management standards require the OPI and our subgrantees must a. Provide accurate current and complete disclosure of federally assisted activities in accordance with financial reporting requirements of the program b. Maintain records to adequately identify the source and application of funds for federally assisted programs award letters authorization statutes obligations unobligated balances assets liabilities expenditures and revenue see RECORDS RETENTION below c. Maintain effective control and accountability for all grant and subgrant cash real and personal property and other assets. Subgrantees must adequately safeguard property and ensure it is used solely for authorized purposes d. Maintain comparisons of actual expenditures to budgeted expenditures for each grant e. Follow applicable federal Office of Management and Budget OMB cost principles the OPI program regulations and the terms of the grant agreements REVISED March 2012 Montana Office of Public Instruction Grants Handbook 400-1 f. Support accounting records with source documentation . approved .