AG 2002 03 18 (Regular) - Laserfiche WebLink

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A Contractor who receives, uses, or expends between Fifteen Thousand Dollars (15,000.00) and Three Hundred Thousand Dollars ($300,000.00) in. State funds annually except when the funds are for the purchase of goods or serv/ces, shall file armually with the State agency that disbursed the funds a sworn accounting or receipts and expenditures of the State funds. This accounting format shall be in the form prescribed by the State Auditor and shall be arrested to by the treasure of the Contractor and one other authoriz/ng offices of the Contractor. The accounting shall be filed within six (6) months after the end of the Contractor's fiscal year is used in deten'nining amount received, used Or expended. A Contractor who receives, uses, or expends State funds in the mount of Three Hundred Thousand Dollars ($300,00.00) or more annually, except when the funds are for the pumhase of goods or service, shall file annually with the State Auditor and the funding agency i financial statement in the form and on the schedule prescribed by the State Au~ditor. The financial statement shall be audited in accordance With standards prescribed by the State Auditor to assure that State funds are used for the purposes provided by law. Contractors (except for-profit corporations) that expend Three Hundred Dollars ($300;00.00) or more in federal funds for the fiscal year shall have an audit conducted in accordance wida the provision of OMB Circular A-133. An audit performed in accordance with OMB Curricular will satisfy the reporting requirements identified in G.S. 143-6.1. THE AUDITOR BLrI' NO SHOULD FILE AUDIT REPORTS WITH THE STATE AUDITOR AND THE FUNDING STATE AGENCIES WITHIN 30 DAYS AFTER ISSUANCE LATER THAN NINE MONTHS AFTER THE CONTRACTOR'S FISCAL YEAR. The State Auditor has oversight of every Con,actor who receives, uses or expends State funds. Such a Contractor shall, upon request, furnish to the State Auditor for audit all. books. records, and other information necessary for the State Auditor to acCOunt fully for the use and expenditure of State funds. The Contractor'shall furnish any additional financial or budgetary.' information requested by the State Auditor. If the Contractor disburses or transfer any State funds to other organizations., except for the purchase of goods or services, the Contractor shall require such organizations to file with it similar reports and statements as required by G.S. 143-6 and the Office of State Auditor's Audit Advisory #2. The Contractor's fiscal year runs fi-om .0uly-~-01-200'1 to June,-30-2002~ 15. Sale/Use Tax: The Contractor shall request the sales/use mx refund fi-om the North Carolina Department of Revenue-as permitted under G.S. 105-164.14 and shall ensure subcontractors request the sales/use tax'refund fi-om the North Carolina Depmu,ent of Revenue as perm/ned under G.S. 105-164.14. The Conn:actor shall exclude all sales/use tax fi.om all reportable expenditures before they are entered on the monthly report of expenditures submitted to the Office and shall ensure all subcontractors eligible to receive sales/use tax refunds exclude sales/use tax from all reportable expenditures before they are entered on the monthly report of expenditures submitted the Contractor. 5