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4/13/76 AC 150/5100-10A <br />CHAPTER 2. FINANCIAL MANAGEMENT SYSTEMS <br />20. SCOPE OF CHAPTER. This chapter lists the standards for financial <br />management systems as contained in FAR 152, Appendix K, discusses FAA's <br />interpretation of the standards, and provides additional information for <br />use of sponsors. <br />21. ACCURATE, CURRENT AND COMPLETE DISCLOSURE. <br />a. Standard. Each sponsor financial management system shall provide <br />for accurate, current, and complete disclosure of the financial <br />results of each grant program in accordance with Federal reporting <br />requirements. When a Federal grantor agency requires reporting on <br />an accrual basis and the sponsor's accounting records are not kept <br />on that basis the sponsor should develop such information through <br />an analysis of the documentation on hand or on the basis of best <br />estimates. <br />b. Federal Reporting Requirements. <br />(1) Accrual Basis. All financial reports are required to be submit- <br />ted on the accrual basis. <br />(2) Report of Federal Cash Transactions, FAA Form 5100-62. When <br />funds are advanced to an ADAP/PGP sponsor, this report is <br />required to be submitted within 15 working days following the <br />end of each quarter. <br />(3) Financial Status Report, FAA Form 5100-63. This report is <br />required for PGP projects only and is to be submitted at the <br />completion of the project or annually when the project is <br />performed for a period longer than one year. <br />(4) Application for Grant Payment. FAA Form 5100-60, Outlay Report <br />and Request for Reimbursement for Construction Program, or FAA <br />Form 5100-61, Request for Advance or Reimbursement, provides a <br />detailed breakout of costs incurred by the sponsor. ADAP <br />sponsors could use both of these forms. PGP sponsors, however, <br />would use only Form 5100-61. <br />c. Program Income. Program income may include, but will not be limited <br />to, interest income, service fees, sale of commodities, usage or <br />rental fees, and sale of assets purchased with grant funds. <br />Chap 2 <br />Par 20 <br />(1) Interest income. Sponsors that are units of local governments <br />shall return all interest earned on advances on grant-in-aid <br />funds to the Federal Government. <br />Page 7 <br />