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FISCAL ACCOUNTABILITY <br /> <br /> 19. (a) Financial Management System. CONTRACTOR shall establish and maintain a sound financial <br />management system, based upon generally accepted accounting principles. CONTRACTOR'S system shall provide <br />fiscal control and accounting procedures that will include the following: <br /> <br /> (1) Information pertaining to subgrant and contract awards, obligations, unobligated balances, <br /> <br /> assets, expenditures, and income; <br /> <br /> (2) Effective internal controls to safeguard assets and assure their proper use; <br /> <br /> (3) A comparison of actual expenditures with budgeted amounts for each subgrant and contract; <br /> <br /> (4) Source documentation to support accounting records; and <br /> t <br /> <br /> (5) Proper charging of costs and cost allocation. <br /> <br /> (b) CONTRACTOR'S Records. CONTRACTOR'S records shall be sufficient to: <br /> (1) Permit preparation of required reports; <br /> <br /> (2) Permit the tracing of funds to a level ofexpenditure adequate to establish that funds have not <br /> been used in violation of the applicable restrictions on the use of such funds; and <br /> <br /> (3) Permit the tracing of program income, or profits earned, and any costs incurred (such as <br /> stand-in costs) that are othenvise allowable except for funding limitations. <br /> <br /> (c) Costs Charged. Costs shall be charged to this Agreement only in accordance with the following: <br /> (1) the Act; <br /> <br /> (2) 20 C.F.R. Part 667; and <br /> <br /> (3) State implementing legislation. <br /> <br /> PROGRAM INCOME <br /> <br /> 20. COUNTY'S maximum obligation hereunder shall be reduced by the amount of any program income <br /> <br />Contract/93283 <br />REV 08/25/03 <br /> <br />11 <br /> <br /> <br />