N.J. Admin. Code § 7:36-14.8

Current through Register Vol. 56, No. 21, November 4, 2024

Section 7:36-14.8 - Accounting and recordkeeping

(a) The local government unit shall maintain and make available to the Department for inspection upon request all financial documents and records related to the project that are required to be maintained in accordance with (e) below.

(b) The local government unit, its contractors, and subcontractors shall employ generally accepted accounting procedures that adequately identify the costs associated with the Green Acres loan or matching grant.

(c) The local government unit shall maintain separate records for each project including the amount, receipt, and disposition of all funding received for the project, including Green Acres loans and matching grants, and contributions, gifts, or donations from any other sources.

(d) The local government unit shall conduct annual audits and submit audit reports in conformance with the Single Audit Act of 1984, P.L. 98-502 and the Single Audit Act Amendments of 1996, P.L. 104-156 ( 31 U.S.C. §§ 7501 et seq.), Federal Office of Management and Budget (OMB) Circular A-133: "Audits of States, Local Governments, and Non-Profit Organizations," incorporated herein by reference, and State OMB Circular 04-04: "Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid," incorporated herein by reference.

1. Audit reports shall address the local government unit's compliance and all specific instances of noncompliance with the material terms and conditions of the project agreement and applicable laws and regulations.

2. Audit reports shall contain an itemized schedule of all project-related financial assistance received by the local government unit identifying: grantor agency, program title, State account number, and total disbursement.

(e) The local government unit shall provide a duly authorized representative of the Department access to all records, books, documents, and papers pertaining to the project agreement and/or the project for audit, examination, excerpt, and transcript purposes. Such records shall be maintained and access shall be provided during performance of the project and for three years after the latter date of either final repayment or audit resolution. The local government unit shall include this requirement in all project-related contracts.

(f) The Department shall adjust the local government unit's final payment, if necessary, based on the results of the annual audit.

N.J. Admin. Code § 7:36-14.8