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Citations: (R)667.15 AsOfDate: 12/31/95 From the Compilation of Regulations through 12/31/95. Sec. 667.15 Fiscal procedures and records. (a) A state must account for the funds it receives under this part in accordance with the procedures it uses to account for the expenditure of its own funds and must keep fiscal and accounting records that support, on audit, its expenditure of funds under this part. (b)(1) Except as provided in paragraph (b)(2) of this section, the State must keep intact and accessible records relating to its activities under this part for five years after the end of the period for which funds were provided. (2) The State shall keep records on any claim or expenditure questioned on audit until any audit question is resolved. (c) A State must have an audit performed of the SPRE's activities under this part at least once every two years and must submit the report of that audit to the Secretary. An audit conducted under the Single Audit Act satisfies this requirement. (Authority: 20 U.S.C. 1099a-1099a-3) (Approved by the Office of Management and Budget under the control number 1840-0659) Note: OMB number amended September 7, 1994, effective September 7, 1994. |