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1 ~ (c) Invoices. CONTRACTOR shall provide to HCS/SPD monthly invoices by the 20'h day <br />2 following the month being reported. CONTRACTOR's invoices shall show the most up to date costs <br />3 chargeable to the program(s) referenced in this Agreement. If CONTRACTOR's expenditures for any <br />program referenced in this Agreement fall below 20% of planned expenditures for any cumulative period <br />4 <br />commencing from the beginning of the term of this Agreement, CONTRACTOR may be subject to a <br />5 <br />reduction in funding. No payments will be authorized if any preceding month's reports or invoices have <br />6 <br />not been received. <br />7 FISCAL ACCOUNTABILITY <br />$ 20. (a) Financial Management System. CONTRACTOR shall establish and maintain a sound <br />9 financial management system, based upon generally accepted accounting principles. CONTRACTOR's <br />10 system shall provide fiscal control and accounting procedures that will include the following: <br />11 (1) Information pertaining to subgrant and contract awards, obligations, unobligated <br />12 balances, assets, expenditures, and income; <br />13 (2) Effective internal controls to safeguard assets and assure their proper use; <br />(3) A comparison of actual expenditures with budgeted amounts for each subgrant and <br />14 <br />contract; <br />15 <br />(4) Source documentation to support accounting records; and <br />16 <br />(5) Proper charging of costs and cost allocation. <br />17 (b) CONTRACTOR's Records. CONTRACTOR's records shall be sufficient to: <br />18 (1) Permit preparation of required reports; <br />19 (2) Permit the tracking of funds to a level of expenditure adequate to establish that <br />20 funds have not been used in violation of the applicable restrictions on the use of such <br />21 funds; and <br />(3) Permit the tracking of program income, or profits earned, and any costs incurred <br />22 <br />(such as stand-in costs) that are otherwise allowable except for funding limitations. <br />23 <br />(c) Costs Charged. Costs shall be charged to this Agreement only in accordance with the <br />24 <br />following: <br />25 <br />(1) the Act; <br />26 <br />WIA COST REIMBURSEMENT CONTRACT- REV. 8-15-07 13 <br />20D-15 <br />