1. (1) Successful applicants will be required to ensure that their financial systems, as well as those of any subrecipients, provide fiscal control and accounting procedures which:

   1. (a) Are in accordance with generally accepted accounting principles;
   2. (b) Contain effective internal controls to safeguard assets and assure proper use of funds and assets;
   3. (c) Maintain source documentation to support accounting records; and
   4. (d) Are sufficient to permit preparation of any reports required to document job creation and capital investment resulting from the program.
2. (2) Recipients of funds will also be required to have audits performed in accordance with the Alabama Department of Economic and Community Affairs Audit Policy, as revised.

Author: Don Reid and Harris Cooper

Statutory Authority: Code of Ala. 1975, 1993 Ala. Acts 543.

History: New Rule: Filed November 29, 1993; Effective January 3, 1994.