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<br /> Communities shall maintain records of the receipt, accrual, and disposition of all program <br /> income in the same manner as required for all original contract funds. Specifically, records <br /> must identify the following: <br /> - Sources of program income including project activity; <br /> - Dates and amounts of progra-m income deposits; <br /> - Interest earned; <br /> - Dates and amounts of all disbursements of program <br /> income; and <br /> - Activities funded with program income. <br /> It is required that a separate ledger account be maintained for all program income and <br /> disbursements made therefrom. <br /> Unless otherwise directed by Department, Communities shall arrange for the performance of <br /> an annual independent financial and compliance audit of funds received and performances <br /> rendered under the RLF, subject to the following conditions and limitations: <br /> - At the option of the community, the audit may cover either the entire operations <br /> or each department, agency, or establishment of the community which received, <br /> expended, or otherwise administered federal funds. <br /> - Department reserves the right to conduct an annual financial and compliance <br /> audit of funds received and performances rendered under this RLF. Communities <br /> agree to permit Department or its authorized representative to audit their records <br /> and to obtain any documents, materials, or information necessary to facilitate <br /> such audit. <br /> - Communities understand and agree that they shall be liable to Department for <br /> any costs disallowed pursuant to' financial and compliance audit(s) of funds <br /> received under this RLF. They further understand and agree that reimbursement <br /> to Department of such disallowed costs shall be paid by communities from funds <br /> which were not provided or otherwise made available to them through the Texas <br /> Community Development Program. <br /> - Communities shall take such action to facilitate the performance of such audit <br /> or audits conducted as Department may require of them. <br /> Retention and Accessibility of Records <br /> Communities agree to maintain fiscal records and supporting documentation for all expenditures <br /> of funds made under this RLF in a manner which conforms to OMB Circular A-87, the <br /> Management Standards, and the original terms of its-contract. They also agree to comply with <br /> the retention and custodial requirements for records as set forth in Attachment C of OMB <br /> Circular A-1 02. <br /> - 10 - <br />