Retention of Accounting Records. Financial records, supporting documents, statistical records, and all other records including electronic storage media pertinent to the Project shall be retained for a period of five (5) years after the close out of the grant. If any litigation or audit is initiated, or claim made, before the expiration of the five-year period, the records shall be retained until the litigation, audit, or claim has been resolved.
Retention of Accounting Records. Financial records, supporting documents, statistical records and all other records, including electronic storage media pertinent to the Project, shall be retained through June 30, 2029. If any litigation or audit is initiated or claim made, the records shall be retained until June 30, 2029 or five fiscal years after the litigation, audit or claim has been completed and all issues arising from it have been resolved, whichever is later.
Retention of Accounting Records. Financial records, supporting documents, statistical records and a l other records, including electronic storage media pertinent to the Project, sha l be retained for a period of five (5) fiscal years after the closeout of the grant and release of the audit. If any litigation or audit is initiated or claim made before the expiration of the five-year period, the records sha l be retained for five fiscal years after the litigation, audit or claim has been resolved.
Retention of Accounting Records. In accordance with City contract requirements, Providers must retain all contract related financial records, including auditors’ reports, for six (6) years after the final invoice of the contract is paid; Providers are subject to audit/or investigation for such an additional period. Providers must maintain separate accounting records for funds received through each contract with DYCD. Accounting records must be established and maintained in accordance with Generally Accepted Accounting Principles. It is essential that the Provider maintain accurate, complete and permanent books and records, available for inspection by a DYCD staff member or its designee. DYCD staff and its representatives will conduct both announced and unannounced site visits to Providers during the contract term to ensure that the books and records are being appropriately maintained. Timesheets must be completed for all full and part-time employees. Each timesheet must be signed and dated by the employee and the employee’s supervisor. The Executive Director’s timesheet must be reviewed and approved by a member of the Board of Directors. Electronic timesheets may be maintained if they are certified as accurate by the signature of the Executive Director or a senior level management designee. Cost allocation is the distribution of one cost across multiple funded contracts. A cost allocation methodology identifies the type of expenses that are being claimed, and establishes a basis for allocating costs to business units or cost centers based on an appropriate allotment of such cost. ❖ Requirement: Each Provider must develop a written cost allocation plan. The plan must include an explanation of its methodology detailing the basis used in allocating cost to its various DYCD programs. Time distribution records must reflect an after-the-fact determination of the actual activity of each employee. Cost allocation is established on the premise that Providers maintain an adequate accounting system and accounting records to document costs and support claims. Allocation methods and distribution of cost must be based on a generally accepted accounting practice prescribed by OMB Super Circular regulatory guidance and in accordance with Generally Accepted Accounting Practice. Refer to Office of Management and Budget for guidance: 2 CFR Chapters I, and Chapter II, Parts 200, 215, 220, 225, and 230 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and promptly...
Retention of Accounting Records. Financial records, supporting documents, statistical records and all other records, including electronic storage media pertinent to the project, shall be retained for a period of five (5) fiscal years after the close out of the contract and release of the audit. If any litigation or audit is initiated or claim made before the expiration of the five-year period, the records shall be retained for five fiscal years after the litigation, audit or claim has been resolved. The Contractor must make all contract records of expenditures, copies of reports, books, and related documentation available to FIPR or a duly authorized representative of the State of Florida for inspection at reasonable times for the purpose of making audits, examinations, excerpts and transcripts. FIPR reserves the right to unilaterally cancel this Agreement in the event that the Contractor refuses public access to all documents or other materials made or received by the Contractor that are subject to the provisions of Chapter 119, Florida Statutes known as the Florida Public Records Act. The Contractor must immediately contact FIPR's Contract Manager for assistance if it receives a public records request related to this Agreement.
Retention of Accounting Records. Financial records, supporting documents, statistical records and all other records, including electronic storage media pertinent to the Project, shall
Retention of Accounting Records. Financial records, supporting documents, statistical records and all other
