Orange County NC Website
Browse       Search
PART C: FINANCIAL MANAGEMENT <br /> Section 6: Establishment and Maintenance of Accounting Records <br /> (a) The Member agrees to establish an account in its own general ledger for funds received under this <br /> Agreement, and SFR funds, including interest earned, shall be accounted for separately from all <br /> other monies. <br /> (b) The Member's financial management system shall provide for: <br /> (1) Accurate, current and complete disclosure of the financial results of the Program in <br /> accordance with the reporting requirements. <br /> (2) Records that identify adequately the source and application of funds for activities supported <br /> by the Program. <br /> (3) Effective control over and accountability for all funds received under this Agreement. <br /> (4) Comparison of actual outlays with budgeted amounts for the Program. <br /> (5) Accounting records that are supported by source documentation. <br /> (6) Systematic methods to assure timely and appropriate resolution of audit findings and <br /> recommendations. <br /> (c) The Member shall maintain financial records, supporting documents, statistical records and all <br /> other records pertinent to this grant for a period of five years (PG 3.6.1). The retention period <br /> starts from the date of the project closeout letter or from the time this Agreement is otherwise <br /> completed or terminated. If any litigation, claim or audit starts before the expiration of the five- <br /> year period,the records shall be retained until all litigation,claims,or audit findings involving the <br /> records have been resolved. The Agency,HUD and the Comptroller General of the United States, <br /> or any of their representatives or agents, have the right of access to any pertinent books, <br /> documents, papers or other records of the recipient in order to make audits, examinations, <br /> excerpts,and transactions.All invoices,vouchers,statements of cost,and records pertaining to the <br /> disbursement of funds are subject to audit by the Agency, HUD and the Comptroller General of <br /> the United States. <br /> (d) The Member agrees that its records, as they relate to this agreement, shall be accessible to the <br /> North Carolina State Auditor's Office in accordance with NC GS 147.64.7(4). <br /> Page 5 of 12 <br />