A-2006-183 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 chargeable to the program(s) referenced in this Agreement. If CONTRACTOR's expenditures for any program referenced in this Agreement fall below 20% of planned expenditures for any cumulative period commencing from the beginning of the term of this Agreement, CONTRACTOR may be subject to a reduction in funding. No payments will be authorized if any preceding month's reports or invoices have not been received. FISCAL ACCOUNTABILITY 20. (a) Financial Manaaement SYstem. CONTRACTOR shall establish and maintain a sound financial management system, based upon generally accepted accounting principles. CONTRACTOR's system shall provide fiscal control and accounting procedures that will include the following: (1) Information pertaining to subgrant and contract awards, obligations, unobligated balances, assets, expenditures, and income; (2) Effective internal controls to safeguard assets and assure their proper use; (3) A comparison of actual expenditures with budgeted amounts for each subgrant and contract; (4) Source documentation to support accounting records; and (5) Proper charging of costs and cost allocation. (b) CONTRACTOR's Records. CONTRACTOR's records shall be sufficient to: (1) Permit preparation of required reports; (2) Permit the 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; and (3) Permit the tracking of program income, or profits earned, and any costs incurred (such as stand-in costs) that are otherwise allowable except for funding limitations. (c) Costs Charaed. Costs shall be charged to this Agreement only in accordance with the following: (1) the Act; (2) 20 C.F.R. Part 667; and (3) State implementing legislation. WIA COST REIMBURSEMENT CONTRACT - REV. 6-2-06 13