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F. SiUC{e 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 organzations, Prrrgrams, Activities, and Functions; and office of Management and Budget (OMB) Uniform Adminisffative Requirements, Cost Principles, and Audit Requirernents for Federal Awards, 2 cFR paxt 200 et. seq., and the u.s.D. Depa$ment of Labor Unifotn Adminishative Requirements, Cost Principles, and Audit Requirements adopting the oMB rule with DoL exceptions, 2 CFR paft1900 et. seq. (hereafter, "oMB uniform Guidance and DoL exceptions'), the conffactor shal maintain records that identify all federal funds received and expended, as amended, and as applicable. The SCWDC shall provide a copy of the auditreport to the Consortium no later than six months after the end of the scwDC's fiscal year.the scwDC shal 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 audii to aoManagement Letter" or other correspondence made by the auditor, the SCWDC shall provide to the Consortium copies of those comrnunications and the SCWDC's response and corrective action plan. G. Deposit and Disbursement of WIOA funds All funds made available to the Local Areapursuant to the WIOA and other federal or state programs overseen by the Consortium and SCWDC shall be deposited into an accowrt 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 forworkforce inveshnent activities at the direction of the SCWDC, in accordance with the requirements of the.WIOA. H. Copies ofReports 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. I. Maintenance of Regords 1. The SCWDC shall maintain accotutts and recorcls, including personnel, property, financial, and progmrnmatic records and other such records as rnay be deemed necessary by the Consortium to ensure proper accounting for all WIOA and other federal or state funds overseen by the Consortiurn and SCWDC and in compliance with this designation. 6lPage