RSA-17 and SF 425
Proper internal controls that provide accurate and timely financial reporting is important because it helps you and RSA determine if the requirements of CFR § 200.302 (Financial Management) and 34 CFR, part 361, subpart C (Financing of State Vocational Rehabilitation Programs)are met. Furthermore, financial reporting may be used as a tool for fiscal forecasting. This can help you streamline and enhance the quality and efficiency of services that your State agency provides. It is noteworthy that internal control deficiencies in this area represents one of the most common fiscal findings identified by RSA through monitoring.
In accordance with 2 CFR § 200.328, financial reporting, as approved by the U.S. Office of Management and Budget, "must collect financial reports no less than annually. The Federal agency may not collect financial reports more frequently than quarterly unless a specific condition has been implemented in accordance with §200.208. To the extent practicable, the Federal agency should collect financial reports in coordination with performance reports." The recipient "must submit financial reports as required by the Federal award. Reports submitted quarterly or semiannually must be due no later than 30 calendar days after the reporting period." The final financial report "must be due no later than 120 calendar days after the conclusion of the period of performance. See also §200.344".