AG 2007 10 15 - Laserfiche WebLink

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