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d <br /> ATTACHMENT A3 <br /> Warranties and Representations <br /> Financial Management <br /> Subrecipient 's financial management system shall provide for the following : <br /> ( 1 ) Accurate , current and complete disclosure of the financial results of this project or program . <br /> (2 ) Records that identify adequately the source and application of funds for all activities . These <br /> records shall contain information pertaining to grant awards , authorizations , obligations , <br /> unobligated balances , assets , outlays , income and interest . <br /> (3 ) Effective control over and accountability for all funds , property and other assets . Subrecipient <br /> shall adequately safeguard all such assets and assure that they are used solely for <br /> authorized purposes . <br /> (4 ) Comparison of expenditures with budget amounts for each Request For Payment . Whenever <br /> appropriate , financial information should be related to performance and unit cost data . <br /> (5 ) Written procedures for determining the reasonableness , allocability and allowability of costs <br /> in accordance with the provisions of the applicable cost principles and the terms and <br /> conditions of this grant . <br /> (6 ) Accounting records , including cost accounting records that are supported by source <br /> documentation . <br /> Competition . <br /> All procurement transactions shall be conducted in a manner to provide , to the maximum extent practical , <br /> open and free competition . The Subrecipient shall be alert to conflicts of interest as well as <br /> noncompetitive practices among contractors that may restrict or eliminate competition or otherwise <br /> restrain trade . In order to ensure objective contractor performance and eliminate unfair competitive <br /> advantage , contractors that develop or draft specifications , requirements , statements of work , invitations <br /> for bids and/or requests for proposals shall be excluded from competing for such procurements . Awards <br /> shall be made to the bidder or offeror whose bid or offer is responsive to the solicitation and is most <br /> advantageous to the Subrecipient, price , quality and other factors considered . Solicitations shall clearly <br /> set forth all requirements that the bidder or offeror shall fulfill in order for the bid or offer to be evaluated <br /> by the Subrecipient . Any and all bids or offers may be rejected when it is in the Subrecipient's interest to <br /> do so . <br /> Codes of conduct. <br /> The Subrecipient shall maintain written standards of conduct governing the performance of its employees <br /> engaged in the award and administration of contracts . No employee , officer, or agent shall participate in <br /> the selection , award , or administration of a contract supported by public grant funds if a real or apparent <br /> conflict of interest would be involved . Such a conflict would arise when the employee , officer, or agent, <br /> any member of his or her immediate family, his or her partner, or an organization which employs or is <br /> about to employ any of the parties indicated herein , has a financial or other interest in the firm selected for <br /> an award . The officers , employees , and agents of the Subrecipient shall neither solicit nor accept <br /> gratuities , favors , or anything of monetary value from contractors , or parties to subcontracts . The <br /> 24 <br />