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(a) A grantee shall maintain financial records on a double-entry basis.
(b) A grantee shall maintain its accounts on an accrual basis.
(c) A grantee shall maintain its revenue and expense accounts on a gross basis. The grantee may not debit disbursements in the nature of expenditures to revenue accounts, or credit revenue receipts to expenditure accounts. The grantee shall credit refunds of current-year expenditures to expenditure accounts. The grantee shall accrue a refund as a receivable if the refund is certain to be made or received in a subsequent year. The grantee shall use separate accounts for significant refunds of prior-year expenditures.
(d) A grantee shall maintain budgetary control of revenues and expenditures. In its books of account, the grantee shall properly record the amount budgeted in its residential child care facility grant for each account. In both summary and detail accounts, the grantee shall record planned revenues and planned expenditures and, as financial events take place, record actual transactions.
(e) A grantee may not automatically lapse unearned revenue to a general fund at the close of the fiscal year. If advances received during a year from the department exceed net reimbursable expenditures for that year under the terms of the grant, the grantee shall record a liability to the department.
(f) A grantee shall maintain control of receivables. The grantee shall record current receivables and charges established by accruals, and shall maintain detailed records of all billings whether or not such billings are treated as current receivables in the general ledger.
(g) A grantee shall maintain a chart of accounts that will provide internal consistency throughout the accounting cycle, including budgeting, accounting, auditing, and reporting.
(h) A grantee shall establish written procedures that maintain effective accounting control over the grantee's resources, and shall assign duties and responsibilities to employees in a manner that implements those procedures. Under such procedures, to the extent possible within the limitations of available staff positions, a grantee shall assign the following duties to different individuals:
(1) make collections and issue receipts;
(2) prepare and make deposits;
(3) enter receipts on accounting records;
(4) post and maintain accounts receivable records; and
(5) prepare bank reconciliations.
(i) A grantee shall maintain fixed asset accounts on the basis of the lower of fair market value at the time of acquisition or of original cost, or in the case of gifts, the appraised value at the time received. However, for assets acquired from, or leased from, a related party or related organization, a grantee shall maintain fixed-asset accounts in the manner described in 7 AAC 53.951.
(j) A grantee shall record depreciation of fixed assets, regardless of their source, in a double-entry bookkeeping system. The grantee shall depreciate assets from the date of their acquisition from a party other than a related organization or related party. Assets acquired from a related organization or related party must be depreciated as described in 7 AAC 53.951.
(k) In its financial records, a grantee that owns or operates more than one facility shall keep separate records of the transactions of each facility, and if expenses or revenues involve more than one facility, shall attribute the expenses or revenues to the separate facilities on a consistent basis.
( l ) A grantee shall maintain financial records using the state fiscal year.
(m) A grantee shall keep adequate backup material for entries in its books of account. A grantee shall issue pre-numbered receipts for all collections, and shall save receipts or cancelled checks from all of its payments. A grantee may maintain no more than one petty cash fund per facility, and may keep no more than $500 in a petty cash or other imprest account.
(n) To the extent that 7 AAC 53.901 - 7 AAC 53.999 do not state standards for accounting and reporting, the department will audit grantees using Standards for Audit of Governmental Organizations, Program Activities and Functions issued in 1981 by the Comptroller General of the United States.
(o) A grantee and any subcontractor of the grantee shall allow the department to inspect all of its financial records, including federal tax returns and reports.
History: Eff. 1/13/85, Register 93
Authority: AS 47.05.010
Editor's note: A copy of Standards for Audit of Government Organizations, Program Activities and Functions, referred to in 7 AAC 53.931(n) , may be reviewed at the nearest regional office of the division of family and youth services.
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Last modified 7/05/2006