Laserfiche WebLink
<br />FISCAL ACCOUNTABILITY <br /> <br />19. (a) <br /> <br />Financial Management Svstem. CONTRACTOR shall establish and maintain a sound financial <br /> <br />management system, based upon genera:lly accepted accounting principles. CONTRACTOR'S system shall provide <br /> <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 /> <br />(5) Proper charging of costs and cost allocation. <br /> <br />(b) CONTRACTOR'S Records. CONTRACTOR'S records shall be sufficient to: <br /> <br />(1) Permit preparation of required reports; <br /> <br />(2) Permit the tracking offunds to a level of expenditure adequate to establish that funds have <br /> <br />not been used in violation of the applicable restrictions on the use of such funds; and <br /> <br />(3) Permit the tracking of program income, or profits earned, and any costs incurred (such as <br /> <br />stand-in costs) that are otherwise allowable except for funding limitations. <br /> <br />(c) Costs Charged. Costs shall be charged to this Agreement only in accordance with the following: <br /> <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 />11 <br /> <br />WIA COSI Reimbursement Contract <br />REV 9/24/03 <br />