13 AAC 90.050. Fiscal management

(a) A grantee shall have an accounting system that ensures proper use of money, as required by funding sources, and documentation of financial transactions. The system must include

(1) uniform procedures for handling financial transactions;

(2) reconciliation and summary of financial transactions at least monthly;

(3) written procedures for payroll that ensure that correct amounts are regularly withheld from each employee's pay and paid to appropriate federal, state, and local units of government;

(4) written procedures for regular review of, and sign-off on, all employees' time and attendance forms; and

(5) controls to safeguard proper handling of cash receipts and disbursements.

(b) A grantee shall maintain an accounting policy and procedures manual which must be reviewed and updated annually. The accounting manual must include the following topic areas: funding-source accounting requirements, internal control procedures, a chart of accounts, accounting records maintenance, and preparation of financial statements.

(c) A grantee shall have procedures to maximize reimbursement for services from clients or other parties. These policies may not preclude provision of services regardless of a client's ability to pay.

(d) A grantee shall have written procedures for the preparation and revision of the revenue and expense budgets for the program. These budgets must include all sources and uses of money received.

(e) A grantee shall have insurance that provides for the protection of the physical and financial resources of the program. This insurance must include personal injury liability insurance for employees, volunteers, and clients, and bonding insurance in at least one-fourth of the total grant received from the council.

History: Eff. 9/22/84, Register 91

Authority: AS 18.66.050

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