N.J. Admin. Code § 2:76-16.4

Current through Register Vol. 56, No. 12, June 17, 2024

Section 2:76-16.4 - Accounting and recordkeeping

(a) The nonprofit shall maintain and make available to the Committee for inspection on request all financial documents and records related to the project for three years in accordance with (d) below.

(b) The nonprofit, its contractors, and subcontractors shall employ generally accepted accounting procedures that adequately identify the costs associated with the Committee grant.

(c) The nonprofit shall maintain separate records for each project including the amount, receipt, and disposition of all funding received for the project, including the Committee's grants, contributions, gifts, or donations from any other sources.

(d) The nonprofit shall provide a duly authorized representative of the Committee access to all records, books, documents, and papers pertaining to the project agreement and/or the approved project for audit, examination, excerpt, and transcript purposes. Such records shall be maintained and access shall be provided during performance of the project and for three years after the latter date of either final payment or audit resolution. The nonprofit shall include this requirement in all project-related contracts.

(e) The nonprofit shall conduct annual audits and submit audit reports in conformance with the Single Audit Act of 1984, P.L. 98-502 and the Single Audit Act Amendments of 1996, P.L. 104-156, Federal OMB Circular A-133; "Audits of Nonprofit Organizations," incorporated herein by reference, and State OMB Circular 98-07: "Single Audit Policy," incorporated herein by reference.

1. Audit reports shall address nonprofit's compliance and all specific instances of noncompliance with the material terms and conditions of the project agreement and applicable laws and regulations.

2. Audit reports shall contain an itemized schedule of all project-related financial assistance received by the nonprofit identifying: grantor agency, program title, State account number, and total disbursement.

(f) The Committee shall adjust the nonprofit's final payment, if necessary, based on the results of the annual audit reports.

(g) If a nonprofit sells or donates any interest in any lands acquired with a grant by the Committee, the nonprofit shall pay to the Committee the relative percent cost share based on its initial grant as compared to the original purchase price of the net proceeds. This reimbursement provision shall be contained in the deed of easement on lands acquired in fee simple title by the nonprofit. For purposes of this subsection, "net proceeds" means the amount of compensation received by the nonprofit in excess of any unreimbursed costs.

N.J. Admin. Code § 2:76-16.4