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Attachment F 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 in accordance with Paragraph (7 ) and Paragraph ( 12) of this Agreement. (2 ) If applicable , records that identify adequately the source and application of funds for all federally-sponsored activities . These records shall contain information pertaining to Federal awards , authorizations , obligations , un-obligated 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 outlays with budget amounts for each award . Whenever appropriate , financial information should be related to performance and unit cost data . (5 ) If applicable , written procedures to minimize the time elapsing between the transfer of funds to the Recipient from the U . S . Treasury and the issuance or redemption of checks , warrants or payments by other means for program purposes by the recipient. To the extent that the provisions of the Cash Management Improvement Act ( CMIA) ( Pub . L . 101 -453 ) govern , payment methods shall be consistent with CMIA Treasury-State Agreements or the CMIA default procedures codified at 31 CFR part 205 , "Withdrawal of Cash from the Treasury for Advances under Federal Grant and Other Programs . " (6 ) If applicable , written procedures for determining the reasonableness , allocability and allowability of costs in accordance with the provisions of the applicable Federal cost principles and the terms and conditions of the award . (7) 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 organizational 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 Federal 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 22