Transcription of CHAPTER 4: FINANCIAL MANAGEMENT - Rural Development
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CHAPTER 4: FINANCIAL MANAGEMENT - Rural Development
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. Section 3: Reserve Accounts outlines the requirements for and monitoring of reserve accounts.
payments on the Agency loan, and make required contributions to the reserve fund. To assist projects through this phase, the Agency requires the establishment of a fund for Initial Operating Capital by the borrower for each project. Approval of subsequent loans, transfer of ownership or other servicing actions may require
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