2016-08-020-resolution-2016-104 - Laserfiche WebLink

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F. Single Audit Requirement Once per fiscal year, the SCWDC shall have an independent audit conducted of its financial statement and condition. The audit shall comply with the requirements of GAAS (general accepted auditing standards); GAO's Standards for Audits of Governmental Organizations, Programs, Activities, and Functions; and Office of Management and Budget (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, 2 CFR Part 200 et. seq., and the U.S.D. Department of Labor Uniform Administrative Requirements, Cost Principles, and Audit Requirements adopting the OMB rule with DOL exceptions, 2 CFR Part 2900 et. seq. (hereafter, "OMB Uniform Guidance and DOL exceptions"), the Contractor shall maintain records that identify all federal funds received and expended, as amended, and as applicable. The SCWDC shall provide a copy of the audit report to the Consortium no later than six months after the end of the SCWDC's fiscal year. The SCWDC shall provide to the Consortium its response and corrective action plan for all findings and reportable conditions contained in its audit. When reference is made in its audit to a "Management Letter" or other correspondence made by the 'auditor, the SCWDC shall provide to the Consortium copies of those communications and the SCWDC's response and corrective action plan. G. Deposit and Disbursement ofWIOA f unds All funds made available to the Local Area pursuant to the WIOA and other federal or state programs over seen by the Consortium and SCWDC shall be deposited into an account or accounts created and maintained by the local fiscal agent. All funds shall be deposited in an institution that is guaranteed by the FDIC or FSLIC. The local fiscal agent will disburse all funds for workforce investment activities at the direction of the SCWDC, in accordance with the requirements of the WIOA. The SCWDC shall provide the Consortium with copies of all reports that the SCWDC provides to the full Board of the SCWDC and all other reports that the Consortium may request in writing with reasonable, advance notification. 1. Maintenance of Records 1. The SCWDC shall maintain accounts and records, including personnel, property, financial, and programmatic records and other such records as may be deemed necessary by the Consortium to ensure proper accounting for all WIOA and other federal or state funds overseen by the Consortium and SCWDC and in compliance with this designation. 61Page