- (a) In order to assist in administration of the grant funds, the chief elected official or the Governor, where the Governor serves as the local grant recipient for a local area, may designate an entity to serve as a local fiscal agent. Designation of a fiscal agent does not relieve the chief elected official or Governor of liability for the misuse of grant funds. If the CEO designates a fiscal agent, the CEO must ensure this agent has clearly defined roles and responsibilities.
(b) In general the fiscal agent is responsible for the following functions:
- (1) Receive funds.
- (2) Ensure sustained fiscal integrity and accountability for expenditures of funds in accordance with Office of Management and Budget circulars, WIOA and the corresponding Federal Regulations and State policies.
- (3) Respond to audit financial findings.
- (4) Maintain proper accounting records and adequate documentation.
- (5) Prepare financial reports.
- (6) Provide technical assistance to subrecipients regarding fiscal issues.
(c) At the direction of the Local WDB or the State WDB in single-area States, the fiscal agent may have the following additional functions:
- (1) Procure contracts or obtain written agreements.
- (2) Conduct financial monitoring of service providers.
- (3) Ensure independent audit of all employment and training programs.