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Attachment C Warranties and Representations Financial Management Recipient' s financial management system shall provide for the following : ( 1 ) Accurate , current and complete disclosure of the financial results of this project or program (2 ) Records that identify adequately the source and application of funds for all activities . These records shall contain information pertaining to grant awards , authorizations , obligations , unobligated balances , assets , outlays , income and interest . ( 3 ) Effective control over and accountability for all funds , property and other assets . Recipient shall adequately safeguard all such assets and assure that they are used solely for authorized purposes . (4 ) Comparison of expenditures with budget amounts for each Request For Payment. Whenever appropriate , financial information should be related to performance and unit cost data . ( 5 ) Written procedures for determining the reasonableness , allocability and allowability of costs in accordance with the provisions of the applicable cost principles and the terms and conditions of this grant. (6 ) Accounting records , including cost accounting records that are supported by source documentation . Competition . All procurement transactions shall be conducted in a manner to provide , to the maximum extent practical , open and free competition . The Recipient shall be alert to conflicts of interest as well as noncompetitive practices among contractors that may restrict or eliminate competition or otherwise restrain trade . In order to ensure objective contractor performance and eliminate unfair competitive advantage , contractors that develop or draft specifications , requirements , statements of work , invitations for bids and/or requests for proposals shall be excluded from competing for such procurements . Awards shall be made to the bidder or offeror whose bid or offer is responsive to the solicitation and is most advantageous to the Recipient, price , quality and other factors considered . Solicitations shall clearly set forth all requirements that the bidder or offeror shall fulfill in order for the bid or offer to be evaluated by the Recipient . Any and all bids or offers may be rejected when it is in the Recipient' s interest to do so . Codes of conduct. The Recipient shall maintain written standards of conduct governing the performance of its employees engaged in the award and administration of contracts . No employee , officer, or agent shall participate in the selection , award , or administration of a contract supported by public grant funds if a real or apparent conflict of interest would be involved . Such a conflict would arise when the employee , officer, or agent, any member of his or her immediate family , his or her partner, or an organization which employs or is about to employ any of the parties indicated herein , has a financial or other interest in the firm selected for an award . The officers , employees , and agents of the Recipient shall neither solicit nor accept gratuities , favors , or anything of monetary value from contractors , or parties to subcontracts . The standards of conduct shall provide for disciplinary actions to be applied for violations of such standards by officers , employees , or agents of the recipient . 25