Summary

The Federal Financial Management Improvement Act of 1996 requires that agencies implement and maintain financial management systems that substantially comply with federal financial management systems requirements. These system requirements are spelled out by the Joint Financial Management Improvement Program (JFMIP) and the Office of Management and Budget. This checklist reflects JFMIP's revised requirements for grant financial systems to help (1) agencies in implementing and monitoring their grant financial systems and (2) managers and auditors in reviewing agency grant financial systems to determine if they substantially comply with the act.