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Financial and Strategic Management for Nonprofit Organizations, Fourth Edition by Herrington J. Bryce

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Appendix G Key Concepts in Federal Contracting and Glossary of Common Financial Terms Found in Such Contracts

Key Concepts in Federal Contract Management

The Uniform Administrative Requirements for Grants and Agreements with Institutions of Higher Education, Hospitals, and Other Non-Profit Organizations (OMB Circular A-110) as issued on August 29, 1997 lays out key concepts that are consistent across Federal agencies when contracting with nonprofit organizations. Circular A-110 states that the organization must keep complete up-to-date records showing all costs and the documentation to support each, show unit costs when possible, develop procedures and exercise effective control over the use of program assets. Records must be kept for three years ...

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