(c) The system of accounting need not be elaborate or complicated, but grantees are encouraged to:

1. (1) Open a separate checking account or use a separate account number to track expenditures related to the grant;

2. (2)

   1. (A) Keep a ledger account for this grant separate from your organization’s general ledger.
   2. (B) By providing descriptive and fiscal information for each check issued (check recipient, date written, amount, check number, purpose of check), you will be able to identify expenditures according to the line items of the approved project budget;
3. (3) Keep all supporting documentation for expenditures and receipts;
4. (4) Keep signed in-kind contribution slips and cash cost-sharing records;
5. (5) Do not encumber or expend funds outside of the grant cycle established in the award letter; and
6. (6) Retain all financial documentation for five (5) years following completion of the project.

(d)

1. (1) Grantees needing to make changes in the line items of their budgets are required to request permission from the African American History Program Coordinator in advance.
2. (2) Any requested changes over one hundred dollars ($100) require the approval of a majority vote of the Black History Commission of Arkansas.
3. (3) Applicants should allow adequate time when requesting changes to project budgets.

(e) Failure to complete reports and submit project results will result in the:

1. (1) Applicant not being considered for future grants; and
2. (2) Grantee having to repay funds to the Black History Commission of Arkansas.