§ 233.11. Audit and recordkeeping.
(a) General.
(1) A sponsor receiving a transportation enhancement grant under this chapter shall keep records as the Department may prescribe, including records which fully disclose the amount and the disposition by the sponsor of the grant proceeds, the total cost of the plan or program in connection with which the transportation enhancement grant is given or used, and the amount and nature of that portion of the cost of the plan or program supplied by other sources, as well as records that will facilitate an effective audit.
(2) The Department will have access, for the purpose of audit and examination, to books, documents, papers, and records of the sponsor that are pertinent to a transportation enhancement grant issued under this chapter. This includes progress audits during the project.
(3) A sponsor is required to establish and maintain an adequate accounting record for an individual project, which will allow the Department to verify the costs incurred for the project.
(4) A sponsor shall maintain effective control over and accountability for all funds, property and other assets. Sponsors shall adequately safeguard assets and assure that they are used solely for authorized purposes.
(5) A sponsor shall establish procedures to minimize the time elapsing between the transfer of funds from the Department and the disbursement by the sponsor whenever funds are advanced by the Department. If this elapsed time exceeds the time frame delineated in the terms of the grant agreement, the Department may require the return of interest earned on payments made.
(6) The sponsor shall include, in any contract related to the grant, a clause which allows the Department access to the sponsor’s contractor’s records for purposes of accounting and audit.
(b) Retention of records.
(1) A sponsor shall retain, for 3 years after the date of the submission of the final Department payment, documentary evidence such as invoices, cost estimates and negotiation documents relating to any item of project cost. These documents include, but are not limited to, vendor’s invoices, applicable purchase orders, receiving reports, inventory records, method of pricing, returns, catalog cuts, plans, inspection reports, final inspection report showing acceptance of the project, and a record of disposition or correction of unsatisfactory work.
(2) A sponsor shall retain for 3 years after the date of the submission of the final Department payment, evidence of payments for items of project costs including, but not limited to, vouchers, cancelled checks or warrants, and receipts for cash payments.
(3) If audit findings have not been resolved, records shall be retained until the findings have been resolved.
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