The U.S. Department of Labor's Employment and Training Administration (ETA) is seeking funding proposals for a financial system risk assessment. Grantees must have adequate administrative and financial systems in place that meet specific criteria, including accurate and current financial reporting information. The proposal requires detailed responses regarding accounting system adequacy, government agency opinions, accounting system features, and financial stability.
The U.S. Department of Labor’s Employment and Training Administration (ETA) has released a Funding Opportunity Announcement focused on assessing the financial systems of grant applicants. The primary purpose is to ensure that grantees possess adequate administrative and financial systems for the responsible management of public funds, adhering to regulations outlined in 2 CFR 200 and 2 CFR 2900. Key requirements include maintaining comprehensive accounting records, accurate financial reporting, and established internal controls.
Applicants are required to disclose organizational details, including legal names, financial stability, and accounting system characteristics. Specific sections assess the adequacy of the accounting system, the organization’s financial health, and whether an independent CPA has reviewed financial statements. Essential criteria encompass whether the organization can separately identify fund receipt and expenditure, manage budgetary controls effectively, and safeguard grant funds through a robust internal control structure.
This funding announcement emphasizes robust financial oversight and transparency in the disbursement of federal funds, reinforcing the importance of accountability among grantees in the public sector.