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