Section 15 AAC 90.020 - Accounting, budget reports and audits(a) A licensee applying for reimbursement under AS 43.90 and this chapter shall maintain its accounting system in accordance with generally accepted accounting principles applied on a consistent basis, and shall retain for a period of seven years from the date the licensee receives reimbursement of an expenditure under this chapter, and make available to the department upon request, all financial and technical source documents and records supporting the application for reimbursement.(b) A licensee shall submit the following budget reports to the department, with the expenditures categorized by qualified activity and described in detail: (1) an initial budget report within 60 days after issuance of the license under AS 43.90, estimating the amount of total qualified expenditures that the licensee expects to pay in each quarter of each fiscal year from the date the license is issued through completion of the project, and estimating the amount of the qualified expenditures that the licensee expects to submit to the department for reimbursement in each quarter during that period;(2) quarterly updates to the initial budget report described in (1) of this subsection, including(A) a statement of the total amount of qualified expenditures paid by the licensee, by quarter, from the date of the issuance of the license through the date of the quarterly report, compared with the budgeted qualified expenditures previously reported for each quarter; and(B) an update of the estimate in the initial budget report of the amount of total qualified expenditures that the licensee expects to pay in each quarter of each fiscal year from the date of the quarterly report through completion of the project, and the estimated amount of the qualified expenditures that the licensee expects to submit to the department for reimbursement in each quarter during that period.(c) The department and the Department of Natural Resources will jointly audit the records, books, and files of a licensee that has received reimbursement under AS 43.90 and this chapter, at any time on reasonable notice, but not less than annually, to ensure that the expenditures for which the department has reimbursed the licensee are qualified expenditures. If it is determined on audit that a licensee has received reimbursement for an expenditure that is not a qualified expenditure, the provisions of AS 43.90.230 apply.Eff. 11/30/2007, Register 184Authority:AS 43.90.110
AS 43.90.220
AS 43.90.230
AS 43.90.400