Ariz. Admin. Code § R21-9-221 - Adoption Agency Operations Budget; Financial Records

A. Before the start of the adoption agency's fiscal year, the Governing Body shall adopt a budget that shall reflect sufficient funds to pay the costs of the adoption agency's program and shall be based on the audit report prepared in compliance with R21-9-222, or, if applicable, the documentation required by R21-9-222 subsection (C).

B. The adoption agency shall operate within the budget adopted by the Governing Body.

C. The adoption agency shall maintain financial records of receipts, disbursements, assets, and liabilities. The adoption agency shall maintain its financial records in accordance with generally accepted accounting principles; the records shall accurately reflect the adoption agency's financial position.

D. The adoption agency shall maintain records showing the following information:

1. Each adoptive parent's original contract date with the adoption agency;

2. Fees that each adoptive parent has paid to the adoption agency and the date of such payments; and

3. Fees that the adoption agency has charged to the adoptive parent.

E. The adoption agency shall make all records described in this Section available for inspection by OLR at periodic inspections, or at other reasonable times upon Department request.

F. The adoption agency shall retain financial records for ten years, including the records involved in an audit, following completion of the audit.

Notes

Ariz. Admin. Code § R21-9-221

New section made by exempt rulemaking at 21 A.A.R. 3524, effective 1/24/2016.