Fla. Admin. Code Ann. R. 62-816.010 - Accounting Requirements
The grantee shall maintain an accounting system which provides for a complete record of the use of all funds connected with the grant. This accounting system shall provide for:
(1) Accurate, current, and complete
disclosure of the financial results of the grant.
(2) Records that identify adequately the
sources and application of funds for all activities related to the grant. In
the absence of a proper accounting system with accounts for source and
application of funds, a separate checking account may be used.
(3) Effective control over and accountability
for all funds, property, and other assets.
(4) Comparison of actual outlays with amounts
in budget.
(5) Procedures to
minimize the time elapsing between the transfer of funds from the Trust and the
disbursement by the grantee.
(6)
Procedures for determining reasonableness, allowability, and allocability of
costs.
(7) Accounting records that
are supported by source documentation, for example: invoices, bills, canceled
checks.
(8) An independent audit
performed in accordance with Section
11.45, F.S., and rules of the
Auditor General of the State of Florida. Such audits should be conducted at
least every two (2) years.
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