W. Va. Code R. § 47-34-28

Current through Register Vol. XLI, No. 24, June 14, 2024

Section 47-34-28 - Financial Management and Record Keeping

28.1. Financial Management. -- A loan recipient shall establish and maintain a financial management system to account for all costs incurred related to a project. This system shall assure that generally accepted accounting principles and practices are consistently applied in all financial matters related to the project.

28.1.a. Financial management shall include the following elements:

28.1.a.1. The maintenance of ledgers containing accurate, current, and complete records of all financial actions related to the project;

28.1.a.2. The maintenance of records that identify the source and amount of all moneys used for the project and documentation of how such moneys were used; and

28.1.a.3. The maintenance of records that allow a comparison of actual project costs with budgeted costs.

28.1.b. The recipient shall maintain an accounting system, which shall:

28.1.b.1. Establish a separate account for the project;

28.1.b.2. Record all transactions in a timely and verifiable manner;

28.1.b.3. Designate one (1) person who is not responsible for project operations to account for all project funds; and

28.1.b.4. Prepare and submit as directed, financial reports of the project.

28.2. Records. -- The recipient shall maintain official records for each loan received that include:

28.2.a. The loan application and loan approval documents;

28.2.b. All contracts and subagreements related to the project;

28.2.c. All documents related to financial management prescribed under subsection 28.1.;

28.2.d. A documentation of compliance with applicable federal and State statutes, rules, and regulations;

28.2.e. A documentation of the amount of moneys received and expended for the project;

28.2.f. A documentation of all property that was purchased for the project; and

28.2.g. Time records related to the project, if applicable.

W. Va. Code R. § 47-34-28