AG 1992 06 15 - Laserfiche WebLink

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(D) Materials' and supplies purchased with funds received as a result of this agreement shall be accounted for separately from all other materials and supplies obtained from any other source. Materials and supplies on hand from prior weatherization programs may be purchased at-cost, with funds received through this agreement. All such purchases shall be accounted for by the Contractor in inventory records maintained to account for funds expended under this agreement. Section 7: Audit and Inspection. The Contractor shall permit, and shall require its subcontractors in writing as part of any subcontract agreement, to permit the Grantee, the Comptroller General of the United States and the Department of Energy, or their authorized representative to audit and/or inspect all work, materials, payrolls, and other data and records with regard to this contract and to audit the books, records, and accounts of the Contractor pertaining to this contract. (A) The Contractor shall use its owen procedures to arrange for independent financial and compliance audits which shall comply with the Single Audit Act and OMB CIRCULAR A-128 FOR LOCAL GOVEP. N~NTAL ~NITS; or with OMB CIRCULAR A-133 FOR NONPROFIT ORGANIZATIONS. NOTE: Nonprofit organizations may continue to comply with the audit requirements of Attachment F, Paragraph 2.h. of O~B Circular A-110 for their fiscal year that began before Sanuar~ 1, 1990, but earlier implementation of the A-133 type audit is encoura§ed. CB) The Contractor shall ensure that the audits required by this section shall be conducted each year, or at least every two years, and for the fiscal year during which the Weatherization Assistance Program is terminated. (C) Within thirty (30) of receipt of the audit report from the CPA firm, the contractor, shall furnish copies to: (1) the Energy Division, federal departments providing funding for this contract, their federal cognizant agency, and the Census Bureau Clearinghouse as required by the Single Audit Act of 1984, and (2) in addition, all contractors which are nonprofit organizations and receive funds of $25,000 or more shall furnish a copy of their audit report directly to the N. C. State Auditor's Office as required by N. C. General Statue 143-6.1, Information from private organizations receiving State funds. (D) Cost of the audit required by this section may be charged against the Weatherization Assistance Program Administration budget on a pro rata basis as WAP funds relate to total contractor funds audited. -4-