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Contract # <br />(Contractor) <br />Ail reporting requirements shall be filed with Moth the funding agency and the Office of the <br />State Auditor within nine months after the end of the grantee's fiscal year In which the <br />State funds were received. <br />other Provisions <br />/ 1. Unless prohibited by law, the costs of audits made in accoMance with the provisions of 9 <br />N.C.A.C. 3M.0205 are allowable charges to-State and Federal awards. The charges may be <br />considered a direct cost or an allocated indirect cost, as determined In accordance with cost <br />principles outlined in the Office of Budges and Management (OMB) Circular A•87. The costs <br />of any audit not conducted in accordance with ihis Subchapter is unallowable and shall not <br />be charged to State or Federal grants. <br />2. The audit requirements of 9 N.C.A.C. Subchapter 3M do not replace a request forsubmission <br />of audit reports by grantor agencies In connection with requests for direct appropriation of <br />state aid by the General Assembly. <br />3. Notwithstanding the provisions of 9 N.C.A.C. Subchapter 3M, a grantee may satisfy the <br />reporting requirements of Part (a)(3)(B) of this Rule by submitting a copy of the report <br />required under the federal law with respect to the same funds. <br />4. All grantees and subgrantees shall use .the forms of the Office of State Budget and <br />Management and the Office of the State Auditor in making reports to the awarding agencies <br />and the Office of the State Auditor. <br />Equipment Purchased with Contract Funds: <br />Title to equipment costing in excess of $500.00 acquired by the Contractor with funds from this contract <br />shall vest in the Contractor, subject to the following conditions. <br />A. The Contractor shall use the equipment in the project or program for which h was acquired as <br />-long as Headed. When equipment Is no longer needed forthe original project or program or if <br />operations era discontinued,.or at the termination of this contract the Contractor shall contact <br />the Division for written instructions regarding disposition of equipment. <br />B. WRh the prior written approval of the Division, the Contractor may use the equipment to be <br />replaced as trade-in against replacement equipment or may sell said equipment and use the <br />proceeds to offset the costs of replacement equipment. <br />C. For equipment costing in excess of $500.00, equipment controls and procedures shall incude <br />at a minimum the following: <br />1. Detailed equipment records shall be maintained which accurately include the: <br />a. Description and location of the equipment, serial number, acquisition <br />date/cost, useful life and depreciation rate; <br />b. Source/percentage of funding for purchase and restrictions as to use or <br />disposition; and <br />c. Disposition data, which includes date of disposal and sales price or method <br />used to determine fair market value, <br />2. Equipment shall be assigned a control number In the accounting records and shell be <br />tagged individually with a permanent Identiftcation number. <br />DHHS (11/05) F' 11 2 <br />