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Business Procedures Manual

22.6 Internal Controls and Risk Assessment

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The Federal Stimulus funds are subject to the same level of stewardship as is exercised for all state, federal, and other funds received by the USG. This requires the maintenance of appropriate internal controls as is done for all other funds to ensure timely and accurate reporting and compliance with all requirements of the ARRA.

Please note the following:

  1. Stabilization Funds: The Office of Fiscal Affairs, in consultation with the institutions, has developed an Internal Control and Risk Assessment for the State Fiscal Stabilization Fund worksheet for each objective under the stabilization funds for all USG institutions. This worksheet, shown in Section 22.11, incorporates the objectives of the stabilization funds and for each objective, outlines the risk factors, and details the controls to mitigate risk. It will be used by all institutions to satisfy the requirements of the Georgia Department of Audits and Accounts for stabilization funds.

    • Note: Institutions that receive Federal Stimulus funds through the federal grant process must also complete a separate Internal Control and Risk Assessment for the State Fiscal Stabilization Fund worksheet related to these funds.
  2. Research and Other Funds: All institutions that receive Federal Stimulus funds through the federal grant process, except institutions that only receive Federal Stimulus funds for Federal Work-Study (FWS), will complete the Process Review Questionnaire and the Have You Checklist developed by the State Accounting Office.