HUD Publishes Integrity Bulletin: Key Components of Financial Management for CPD Grants
Financial management is the systematic application of procedures, forms, rules of conduct, and standards. As a grantee or subrecipient in receipt of Federal funds, your financial management practices must comply with the cost principles established by the Office of Management and Budget (OMB). This Bulletin is intended to identify components of a sound financial management system and offer guidance on avoiding some of the common challenges grantees face when managing Federal funds. A well-organized financial management system is key to ensuring that Federal funds are used for their intended purposes and that program goals are achieved. Sound financial management practices: Increase efficiency by reducing administrative burden and allowing the organization to spend more time administering programs and fulfilling its mission; Promote integrity, transparency, and accountability by ensuring that all financial transactions are clearly documented using methods that are easy