Activity 8: Academic Competitiveness Grant (ACG) and the National
Science and Mathematics Access to Retain Talent Grant (National SMART)

Regulations:
[691.81](http://frwebgate.access.gpo.gov/cgi-bin/get-cfr.cgi?TITLE=34&PART=691&SECTION=81&TYPE=TEXT)
(Fiscal Control and fund accounting procedures)

Review Section:

-   Fiscal Control and fund accounting procedures

Good Practices:

To assist you with the completion of this Policy and Procedure, we
recommend that you consider\
the following:

-   Consider developing the Policies and Procedures in a manual or an
    electronic format with a table of contents for easy reference

-   Develop a schedule to test, review and update your manual.

-   Establish a team that incorporates all appropriate offices to assist
    in the review and writing of the procedure.

-   Complete Fiscal Assessment

Instructions for completing this activity: We recommend that you refer
to your current policies and procedures to determine if your institution
meets the requirements listed above in the Review Section and set forth
in the Federal Regulations. Please review the appropriate sections in
the Code of Federal Regulations (the link is provided for you), and the
activity below, to determine if your institution is currently meeting
those requirements. Use the activity as a chart and checklist to assist
you with evaluating and/or developing your policies and procedures.
Remember, you are required\
to have policies and procedures and are responsible to follow the
procedures you develop.\
An auditor or program reviewer can cite your school for not having
polices and procedures and\
not following them.

+-----------------------------------------------------------------------+
| Reminder:                                                             |
|                                                                       |
| It is important to have your policy and procedures in writing. It is  |
| equally important however, to ensure that the process is being        |
| followed. We recommend that you test your policy and procedures by    |
| completing the recommended assessment(s) outlined in the Design       |
| Process for Policies and Procedures. Also, remember to\               |
| train your staff on the procedures you develop or revise.             |
+-----------------------------------------------------------------------+

Management Enhancement:

If you determine that an area requires improvement, it is recommended
(not required) that you consider completing a Management Enhancement
Form. This will help you track what needs to be included who is
responsible to make sure the policy and/or procedure is updated and
identifies an anticipated completion date. [Management Enhancement
Form](http://ifap.ed.gov/qamodule/MgtEnhancementWk.html).

**Topic:** Fiscal Control and fund accounting procedures

Regulation:
[**691.81**](http://frwebgate.access.gpo.gov/cgi-bin/get-cfr.cgi?TITLE=34&PART=691&SECTION=81&TYPE=TEXT)

+--------------------------+--------------------+---------------------+
| Fiscal Control and fund\ | Located In         | Offices Involved    |
| accounting procedures    |                    |                     |
+--------------------------+--------------------+---------------------+
| -   Outline and follow   |                    |                     |
|     provisions for       |                    |                     |
|     maintaining general  |                    |                     |
|     fiscal records\      |                    |                     |
|     as outlined in [34   |                    |                     |
|     CFR                  |                    |                     |
|     691                  |                    |                     |
| .81](http://frwebgate.ac |                    |                     |
| cess.gpo.gov/cgi-bin/get |                    |                     |
| -cfr.cgi?TITLE=34&PART=6 |                    |                     |
| 91&SECTION=81&TYPE=TEXT) |                    |                     |
|     and\                 |                    |                     |
|     [34 CFR              |                    |                     |
|     668.24(              |                    |                     |
| b)](http://frwebgate.acc |                    |                     |
| ess.gpo.gov/cgi-bin/get- |                    |                     |
| cfr.cgi?TITLE=34&PART=66 |                    |                     |
| 8&SECTION=24&TYPE=TEXT). |                    |                     |
+--------------------------+--------------------+---------------------+
| -   Maintain funds       |                    |                     |
|     received in          |                    |                     |
|     accordance with the  |                    |                     |
|     requirements         |                    |                     |
|     outlined in [34 CFR  |                    |                     |
|     668.16               |                    |                     |
| 4](http://frwebgate.acce |                    |                     |
| ss.gpo.gov/cgi-bin/get-c |                    |                     |
| fr.cgi?TITLE=34&PART=668 |                    |                     |
| &SECTION=164&TYPE=TEXT). |                    |                     |
+--------------------------+--------------------+---------------------+