Section 17-226b-5 - Accounting and reports; fiscal year(a)Audits. Within 90 days of the completion of each full fiscal year during the term of the award and also within 90 days of the termination of the award, the awardee will, at its expense, cause to be prepared and delivered to the department an audit performed by an independent public accountant as defined in § 7-391 of the general statutes. Such audit shall be performed in accordance with generally accepted accounting principles and shall identify any expenditures made by the awardee that are not in compliance with the letter of award. The awardee shall also grant access to all records and accounts concerning each fiscal year that the award is in effect to the auditors of public accounts of the State of Connecticut. To provide such access, the awardee shall preserve all of its records and accounts engineering the award for a period of three years after the termination of the award.(b)Records. The awardee shall maintain and have available records sufficient to determine the usage of all state funds in the awardee's program. Such records shall be maintained for a period of three years after the termination of the award.(c)Reports. Payments will be made by the department only after receipt and approval of a quarterly report of income and expenses for the preceding quarter as well as such other information concerning the awardee's program which the department may reasonably require. Payments made under the letter of award and acceptance of reports of income and expenses are provisional, subject to audit of the awardee's records.(d)Access to records. The awardee shall grant the department access, at any reasonable time, to records pertaining to the programs funded by any letter of award.(e)Fiscal year. The fiscal year for reporting and accountability shall be as stated on the letter of award, for the purposes of the letter of award and state grants.Conn. Agencies Regs. § 17-226b-5