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ATTACHMENT B <br /> SPONSOR'S ASSURANCES: PROJECT ACCOUNTING <br /> 1. The Sponsor shall deposit all funds received under, this Agreement and <br /> shall keep the same in an identifiable Project account. The Sponsor, and <br /> • his contractor(s) and/or consultant(s), shall maintain adequate records and <br /> documentation to support all Project costs incurred under this grant. All <br /> records and documentation in support of the Project costs must be <br /> identifiable as relating to the Project and must be actual and acceptable <br /> costs only. Acceptable costs are defined as those costs which are ' <br /> acceptable under "Federal Acquisition Regulations 1-31.6, 48 CFR (OMB <br /> Circular A-87). Acceptable items of work are those referenced in Title 19A, <br /> Subchapter 6C of the North Carolina Administrative Code and North Carolina <br /> General Statutes. The Sponsor's accounting procedures which were <br /> established for work as set out in this Agreement must be reviewed and <br /> accepted by the Department prior to-the final execution of this Agreement <br /> and payment of State funds, except for Sponsors reporting under OMB Circular <br /> A-128. • <br /> 2. The Sponsor and his contractor(s) -and/or consultant(s) shall permit free <br /> . access to its accounts and records by official representatives of the State <br /> of North Carolina. Furthermore, the Sponsor and contractor(s) and/or <br /> consultant(s) shall maintain all pertinent records and documentation for a <br /> period of not less than three (3) rears following the final audit by the <br /> Department. <br /> 3. In accordance with the State Single Audit Act (House Bill 1036 dated <br /> June 4, 1987) , the Sponsor agrees to comply with the audit requirements of <br /> G.S. 159.34 of the "Local Government Budget and Fiscal Control Act". This <br /> statute states that all local governments and public authorities which <br /> receive $25,000 or more in combined Federal and. State funds will have a <br /> Single Audit of their records performed and will submit a copy of the audit • <br /> report to the State agency(s) providing the funding. This report will . - <br /> replace the site final audit of the individual grant which formerly was <br /> performed by the Department's External Audit Branch. A final audit will <br /> still be conducted by the Department where funding is less than $25,000 if <br /> the Sponsor fails to comply with the Act, or when the Department deems a <br /> final audit to be appropraite. <br /> DOA Form 12/85 ' ATTACHMENT B Page 1 of 1 <br />