Reports: Final performance and final financial status reports for Phase I grants must be submitted 30 and 90 days, respectively, after the expiration date of the grant. Final performance and final financial status reports for Phase II grants must be submitted 90 days after the expiration date of the grant. Audits: Periodic audits should be made as part of the recipient's systems of financial management and internal control to meet the terms and conditions of grants and other agreements. This program is also subject to audit by the cognizant Federal audit agency and the USDA Office of Inspector General. Federal audits will be made in accordance with the policies of the Federal Acquisition Regulations, 48 CFR Part 42, to ensure that funds have been applied efficiently, economically, and effectively. Records: Grantees are expected to maintain separate records for 142 each grant to ensure that funds are used for the purpose for which the grant was made. Records are subject to inspection during the life of the grant and for at least 3 years after the date of submission of the final financial status report. FINANCIAL INFORMATION: Account Identification: 12-1500-0-1-352. Obligations: (Grants) FY 99 $11,094,833; FY 00 est $11,412,971; and FY 01 est $11,026,331. Range and Average of Financial Assistance: $46,000 to $250,000; $94,990. PROGAM ACCOMPLISHMENTS: This program was designed to strengthen the role of small, innovative firms
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