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www.calhum.org on the Grantee Resources page in January 2014. u. GRANT ACCOUNTING AND RECORD KEEPING a) General. The Grantee shall maintain records and accounts consistent with generally accepted accounting principles and also shall provide for such fiscal control and fund accounting procedures as are necessary to assure proper disbursement of and accounting for grant project funds. Accounts and supporting documentation relating to project expenditures shall be adequate to permit an accurate and expeditious audit. b) Matching � unds. The Grantee shall maintain records to demonstrate that matching contributions are not less than the amount proposed in the proposal or any subsequent revision thereof. Other federal funding sources cannot be used as match. The amount of the Grantee's contribution is subject to audit. c) In -Kind Contributions. Some objective record as to both type and value of in -kind contributions by the Grantee (such as signed in -kind contribution forms) is required. When the contribution is made by a third parry, written evidence from the third party is required as to both type and value. In -kind contribution reports must be kept on file by the project sponsor for three years following the submission of the final financial report. 12. PROJECT INCOME a) Reporting Income. All income earned by the Grantee as part of the implementation of the grant project shall be accounted for and reported by the Grantee to Cal Humanities. b) Use of Earned Income. Any income earned from, for example, registration fees, service charges, or admission fees, sales, or similar sources during the conduct of the project shall be used by the Grantee for Cal Humanities approved project activities and should be reported in the final financial report. If the income cannot be so used, it shall be used to decrease charges to the grant and to the Grantee's cost share. c) Interest on Grant Funds. Grantees may not earn interest in excess of $250 on grant award funds in a fiscal year. ig. AUDITS Cal Humanities may inspect and audit the Grantee's financial accounts and records, or may designate a qualified person to do so on its behalf, at any time during reasonable business hours and with such frequency as may be deemed necessary. Inspection and audit may include prefunding visits to determine the adequacy of the Grantee's accounting system. In addition, the National Endowment for the Humanities and the United States General Accounting Office may conduct inspections and audits when and to the extent deemed advisable. FINANCIAL RECORDS MUST BE KEPT ON FILE FOR A MINIMUM OF THREE YEARS FOLLOWING THE TERMINATION OF THE GRANT PERIOD. The required retention period may be extended by written notification from either Cal Humanities or the National 7