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1.6 Fiscal Accountability. (a) Financial Management System. GIOC shall establish and maintain a sound financial management system, based upon generally accepted accounting principles. GIOC's system shall provide fiscal control and accounting procedures that will include the following: (i) Information pertaining to tuition rates, payments, and educational assistance payments; (ii) Source documentation to support accounting records; and (iii) Proper charging of costs and cost allocation. (b) SAOS's Record. SAOS's records shall be sufficient to: (i) Permit preparation of required reports; (ii) Permit tracking of funds to a level of expenditure adequate to establish that funds have not been used in violation of the applicable restrictions on the use of such funds; (iii) Permit the tracking of Program Income, or profits earned, and any costs incurred (such as stand-in costs) that are otherwise allowable except for permit tracking and reporting of leveraging as required by S13734. (c) Costs Charged. Cost shall be charged to this CONTRACT only in accordance with the following: (i) The Act; (ii) 20 CFR NPRM Part 683; (iii) State implementing legislation; and (iv) Requirements of other funding sources. (d) Disallowed Costs. SAOS will be liable for and repay to GIOC any amounts expended under this CONTRACT found not to be in accordance with WIOA including, but not limited to, disallowed costs. (e) Accounting and Cash Management (i) SAOS will comply with controls, record keeping and fund accounting procedure requirements of WIOA, federal and state regulations, and directives to ensure the proper disbursal of, and accounting for, program funds paid to SAOS and disbursed by GIOC, under this CONTRACT. 2807/099999 2489 11276904.2 a10/31/19 -3-