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Docusign Envelope ID:47944A80-A4B5-4D6E-A49F-D09539A7EDB3 <br /> 5. Fiscal Accountability <br /> A. Subrecipient shall establish and maintain a sound financial management system,based upon generally <br /> accepted accounting principles. Subrecipient's system shall provide fiscal control and accounting <br /> procedures that will include the following: <br /> 1. Information pertaining to sub-grant and Contract awards, obligations,unobligated balances, <br /> 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 sub grant and Contract; <br /> 4. Source documentation to support accounting records; and <br /> 5. Proper charging of costs and cost allocation. <br /> B. Subrecipient's Records. Subrecipient's records shall be sufficient to: <br /> 1. Permit preparation of required reports; <br /> 2. Permit tracking of funds to a level of expenditure adequate to establish that funds have not been <br /> used in violation of the applicable restrictions on the use of such funds; <br /> 3. Permit the tracking of program income earned,and any costs incurred(such as stand-in costs) <br /> that are otherwise allowable except for funding limitation; and <br /> 4. Permit tracking and reporting of leveraging as required by SB734. <br /> C. Costs Charged.Cost shall be charged to this Contract only in accordance with the following: <br /> a. The WIOA; <br /> b. 20 CFR Part 683; <br /> c. State implementing legislation;and <br /> d.Requirements of Other Funding Sources <br /> 6. Indirect Costs <br /> Administrative Costs and Indirect Cost Rates(IDCR) are classified as Indirect Costs by the Parties. The <br /> IDCR and Administrative Cost Cap are distinct Indirect Costs.The County of Orange reserves the right to <br /> cap the Administrative Costs at 10%. The Subrecipient's IDCR for the year 2024 is 15.92%. Once the <br /> Subrecipient reaches the 10%Total Indirect Contract Maximum Administrative Cost Cap, Subrecipient <br /> cannot claim reimbursement any administrative cost exceeding the Administrative Cost Cap of 10%of <br /> the total contract amount or expenditures,whichever is less. <br /> 7. Dissolution of Entity <br /> Subrecipient shall notify County immediately of any intention to discontinue its existence or bring an <br /> action for dissolution. <br /> County of Orange MA-012-25010265 Page 28 of 54 <br /> OC Community Resources Regional Workforce Training Services <br />