Agenda - Council - 12/08/2020 - Laserfiche WebLink

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CC Regular Session Meeting Date: 12/08/2020 By: Diana Lund, Finance Information Title Adopt Policies and Procedures for Federal Awards Administration 5.7. Purpose/Background: Additional auditing procedures are required on federally supported projects in years where total federal dollars expended exceed $750,000 ("single audit"). Single audit refers to the centralization of financial reporting on federal projects to one federal agency, not to each agency awarding the grants. With the CARES funds received this year, the City will be undergoing a Single Audit. To encompass all of the requirements to be documented under the new single audit standards, the City of Ramsey needs to document that they have written policies and procedures in place and adopted. The attached "Policies and Procedures to Federal Awards Administration" Policy has been prepared to meet these requirements. The attached Policies and Procedures for Federal Awards Administration was crafted from a neighboring city provided by the city's auditiing firm of MMKR (Malloy, Montague, Karnowski & Radosevich & Co.). The City's Purchasing Policy (attached) includes a quick reference guide in regard to approvals. The only change to this policy is the hi -lighting that the City's Policies and Procedures for Federal Awards Administration needs to be followed if any Federal Dollars are awarded to the City (Section 1.4 of the policy). Recommendation: Adopt Policies and Procedures for Federal Awards Administration Policy due to Single Audit requirements. Action: Motion to Adopt Policy: Policies and Procedures for Federal Awards Administration Attachments Policies & Procedures for Federal Awards Administration City Purchasing Policy Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 12/03/2020 11:46 AM Form Started By: Diana Lund Started On: 11/12/2020 10:41 AM Final Approval Date: 12/03/2020