Or. Admin. Code § 813-300-0090 - Fiduciary Financial Controls; Audit and Repayment Responsibilities

(1) Fiduciary organizations, third-party contractors and other program plan partners shall maintain appropriate financial controls, acceptable to the Department and its designee and using generally accepted accounting principles, in the receipt and expenditure of tax credit contributions and supplemental funds.

(2) Fiduciary organizations by contract shall require third-party contractors and other program plan partners to maintain appropriate financial controls acceptable to the fiduciary organization and to the Department and its designee.

(3) Fiduciary organizations, third-party contractors and other program plan partners only shall charge reasonable and necessary costs to the program plan consistent with the approved program plan budget.

(4) All costs charged to the program plan by a fiduciary organization, third-party contractors, and other program plan partners shall be supported properly by vouchers and other records satisfactory to the Department and its designee that indicate in proper detail the nature and propriety of the costs.

(5) Fiduciary organizations, third-party contractors and other program plan partners shall cooperate fully with all audits of them by the Department and its designee, the Office of the Secretary of State or the Department of Justice with respect to relevant program plans.

(6) Fiduciary organizations are responsible to the Department or its designee for the immediate repayment of all unused or improperly expended tax credit contributions and supplemental funds.

(7) Fiduciary organizations and any relevant third-party contractor or other program plan partner are jointly and severally responsible to the Department or its designee for the immediate repayment of all tax credit contributions and supplemental funds improperly retained or improperly expended by any such third-party contractor or other program plan partner of a fiduciary organization.

Notes

Or. Admin. Code § 813-300-0090

OHCS 12-2002(Temp), f. & cert. ef. 10-8-02 thru 4-5-03; OHCS 1-2003, f. & cert. ef. 4-4-03; OHCS 7-2018, amend filed 05/30/2018, effective 5/30/2018; OHCS 4-2024, amend filed 04/03/2024, effective 4/3/2024

Statutory/Other Authority: ORS 456.555, ORS 456.625 & ORS 458.700

Statutes/Other Implemented: ORS 315.271 & ORS 458.670 - 458.700