Res-2021-120 Interlocal - Laserfiche WebLink

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F. Si4e{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 Snndards for Audits of Governmental organtzations, Prograrns, Activities, and Functions; and office of Management and Budget (OMB) Uniform Adminiskative Requirements, Cost principles, and Audit Requirements for Federal Awards, 2 cFR part 200 it. seq., and the u.s.D. Depa$ment of Labor Uniforn Administrative Requirements, Cost Principles, and Audit Requirements adopting the OMB rule with DOL exceptions, 2 CFR partigob et. seq. (hereafter, *oMB Uniform Guidance and DoL exceptlons,), the conffactor shall maintain records that identiff all federal firnds received andexpended, as amended, ancl as applicable. The SCWDC shall provide a copy of the auditreport to the Consortium no later than six months after the end of the scwDc,s fiscal year.the scwDC shall provide to the Consortium its response and corective action plan for all findings and reportable conditions contained in its audit. When reference is made in its audilto aoManagement Letter" or other correspondence made by the auditor, the SCWDC shall provide to the Consortiurn copies of those comrnunications and the SCWDC's response and corrective action plan. G. De,po$it and Disbursement of WIOA funds All funds made avaiiable to the Local Areapursuant to the WIOA and other federal or state programs overseen by the Consorlium and SCWDC shall be deposited into an account or accoults created and maintained by the local fiscal agent. A11 funds shall be deposited in an institution that is guaranteed by the FDIC or FSLIC. The local fiscal agent will disburse all frrnds for workforce inveshnent activities at the direction of the SCWDC, in accordance with the requirements of the WIOA. H, Copies of Repqrts 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 accorurts and recorcls, including personnel, property, financial, and prograrnmatic records and other such records as maybe deemed necessary by the Consortium to ensure proper accounting for all WIOA and other federal or state funds overseen by the Consortiurn and SOWDC and in compliance with this designation. 6lPage