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Title 15 . Revenue
Chapter 154 . (Repealed)
Section 720. Financial management and accounting

15 AAC 154.720. Financial management and accounting

(a) The grantee shall establish and maintain a financial management and accounting system that conforms to generally accepted accounting principles and complies with any applicable federal requirements. The grantee shall maintain the financial records and accounts in a manner which permits them to be audited. The records shall include information pertaining to grant awards and authorizations, obligations, unobligated balances, assets, liabilities, income and expenses. The grantee shall keep such other financial and accounting records as the Corporation may direct. The grantee shall deposit grant funds in a bank account maintained for the grantee's business purposes. Grant funds may not be commingled with the personal funds of any officer, director or employee of the grantee.

(b) If the grantee has made a grant to a subgrantee, the grantee shall maintain and require the subgrantee to maintain appropriate systems, procedures and documentation to assure compliance with respect to subgrantee audits. The grantee will take appropriate action to assure that any required subgrantee audits are completed.

History: Eff. 6/11/96, Register 139

Authority: AS 18.55.100

AS 18.56.088

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Last modified 7/05/2006