Transcription of CHAPTER 4: FINANCIAL MANAGEMENT
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CHAPTER 4: FINANCIAL MANAGEMENT
HB-2-3560 _____ 4-1 (02-24-05) SPECIAL PN Revised (11-08-19) PN 530 INTRODUCTION Successful projects require sound FINANCIAL MANAGEMENT procedures to track funds, prepare realistic budgets, manage project funds effectively, and report FINANCIAL progress. This CHAPTER covers the borrower s FINANCIAL MANAGEMENT responsibilities and provides guidance to Loan Servicers on monitoring a borrower s FINANCIAL MANAGEMENT performance. The CHAPTER is divided into five sections: Section 1: Project accounting System describes program requirements and Agency monitoring responsibilities for the project accounting system. Section 2: Project Accounts discusses the contribution, use, and monitoring of project accounts.
• Method of accounting. The borrower is required to use the accrual method of accounting throughout the year for bookkeeping and budget preparations. Annual reporting must be convertible to the standards identified in §3560.308. • When the accrual method of accounting is used, the accrual-to-cash adjustment must
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