AgdaPkt 2008-10-27 Clsd and Reg - Laserfiche WebLink

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6.3A Page 22 been submitted to and accepted by DWR before it will be entitled to its ten percent (10.0%) of the State Grant Amount withheld by DWR. ACCOUNTING REQUIREMENTS 41. BOOKKEEPING REGARDING STATE AGREEMENT: All bookkeeping regarding the State Agreement, and any State Grant funds disbursed by DWR relating thereto, will be the responsibility of BACW A. At a minimum, records will be updated on a monthly basis to summarize BACW A administration costs to date, reimbursements requested from DWR. reimbursements received from DWR., matching costs submitted to DWR for approval, matching costs approved by DWR, reimbursements paid out by BACW A, and any other outstanding fmancial issues. These monthly records will be made available in electronic format to each of the Participating Water Entities, and will be rolled up for Quarterly Reports or annual financial statements. 42. SEPARATE ACCOUNTING OF GRANT DISBURSEMENT AND INTEREST RECORDS: Project Sponsor shall account for the money disbursed pursuant to this Implementation Agreement separately from all other funds of Project Sponsor. Project Sponsor shall maintain audit and accounting procedures that are in accordance with generally accepted accounting principles and practices, consistently applied. Project Sponsor shall keep complete and accurate records of all receipts, disbursements, and any interest earned on such funds. Project Sponsor shall require its contractors and subcontractors to maintain books, records, and other documents pertinent to their work in accordance with generally accepted accounting principles and practices. Records of Project Sponsor shall be subject to inspection by BACW A or DWR at any and all reasonable times. 43. FISCAL MANAGEMENT SYSTEMS AND ACCOUNTING STANDARDS: Project Sponsor agrees that, at a minimum, its fiscal control and accounting procedures will be sufficient to permit tracing of State Grant funds to a level of expenditure adequate to establish that such funds have not been used in violation of State law, the State Agreement, or this Implementation Agreement 44. AUDITS: BACW A reserves the right to conduct an audit at any time between the execution of this Implementation Agreement and the completion of Project, with the costs of such audit borne by BACW A. After completion of Project, BACW A may require Project Sponsor to conduct a final audit, at Project Sponsor's expense, such audit to be conducted by, and a report prepared by, an independent Certified Public Accountant. Failure or refusal by Project Sponsor to comply with this provision shall be considered a breach of this Implementation Agreement, and BACW A may take any action it deems necessary to protect its interests. Project Sponsor also acknowledges and accepts that DWR may conduct an audit at any time between the execution of the State Agreement and the completion of Project, with the costs of such audit borne by DWR. (00907092} 18