Section 20422 - Audits and State Payments(a) Audit requirements. The State Librarian shall require a final fiscal and program compliance audit of eligible project funds performed by an independent Certified Public Accountant (CPA) utilizing Generally Accepted Accounting Principles (GAAP), to be submitted to the State Librarian by the grant recipient prior to release of the final ten percent of state project funds.(b) State payments. (1) The State Librarian shall authorize state grant payments to the grant recipient on a periodic reimbursement basis. Payments shall be made no more frequently than on a monthly basis. Payment requests shall state that the reimbursement request is being made only for eligible project expenditures. Payment requests shall be submitted with an original signature of the grant recipient's fiscal officer, or that officer's designated agent, affixed to an original copy of the payment request.(2) The final state payment of ten percent shall be made when:(A) all eligible project funds have been expended;(B) the grant recipient certifies, by providing a compliance letter from the local building official, that the building has been completed in accordance with the approved plans and specifications, including the installation of bookstacks, funded by state and local matching funds;(C) the grant recipient shows evidence of having recorded a "Notice of Completion" for which the lien period has expired and for which all outstanding liens have been settled;(D) the grant recipient shows evidence of the building title having been accepted by the grant recipient;(E) the grant recipient provides evidence that the State's interest in the building, and the land, if the land is owned by the grant recipient, has been recorded in the title record (See section 20424 (c)); and(F) the grant recipient submits a final audit which is acceptable to the State Librarian (See section 20422(a)).Cal. Code Regs. Tit. 5, § 20422
1. New section filed 10-31-90; operative 10-31-90 (Register 90, No. 50). Note: Authority cited: Sections 19960, Education Code. Reference: Sections 19957, 19958, 19962, 19963, 19965 and 19967 Education Code.
1. New section filed 10-31-90; operative 10-31-90 (Register 90, No. 50).