Section 40.1459 - Fiscal Management of Grants(1) The grantee is responsible for complying with 310 CMR 40.1451 through 310 CMR 40.1462 and the terms and conditions contained in the Grant Agreement. This responsibility shall not be delegated, transferred, or assigned by the grantee.(2) The grantee shall establish for its project a separate account in a bank with insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Project funds and all interest earned on such funds shall be credited to said account and all project payments shall be made from said account.(3) The grantee shall maintain a financial management system which shall provide for effective control over and accountability for all project funds. Grantees shall safeguard all such funds and ensure that they are used solely as authorized by the Grant Agreement.Amended by Mass Register Issue 1503, eff. 3/1/2024.Amended by Mass Register Issue S1516, eff. 3/1/2024.