12 Colo. Code Regs. § 2510-1-10.308

Current through Register Vol. 47, No. 24, December 25, 2024

Section 12 CCR 2510-1-10.308 - ACCOUNTING

10.308.1 General Requirements [Rev. eff. 12/1/10]

A. Agencies which are contractors of the SUA shall utilize double-entry accounting systems including, but not limited to: a general ledger, cash receipts journal, cash disbursements journal, in-kind receipts, disbursements journal, and general journal. Additionally, individual payroll records shall be maintained.

B. Contractors shall have qualified accounting personnel available to perform accounting functions.

10.308.2 Internal Control Procedures [Rev. eff. 12/1/10]

State contractors shall ensure that internal controls are established and maintained for itself and its subcontractors in accordance with state policies and procedures. At a minimum, agencies shall develop and maintain a fiscal policy and procedures manual that shall establish minimum fiscal requirements in accordance with federal, state, and local statutes, rules, and procedures. The local advisory council shall review the fiscal policy and procedures manual. If the agency is an AAA, the agency's governing board shall approve the fiscal policy and procedures manual. The fiscal policy and procedures manual shall include, but not be limited to:

A. Cash control procedures including requirements for the collection of consumer contributions and guest fees, recording of cash receipts and expenditures, depositing of cash, separation of cash handling from record keeping responsibilities and periodic reconciliation of all cash funds including bank accounts;

B. A plan to equitably distribute on a timely basis the state's cash advance by the AAA to its subcontractors;

C. Bidding, purchasing, and contracting procedures in accordance with federal, state and local requirements;

D. Requirements for bid guarantees, performance bonds and payment bonds for bids and contracts for construction and facility improvement;

E. A procedure for distributing joint costs among projects or contracts in accordance with the section on cost distribution methods in these rules; and,

F. In-state and out-of-state travel policies, including specification of required signatures and documentation.

12 CCR 2510-1-10.308

39 CR 01, January 10, 2016, effective 2/1/2016