SECTION 375.207. Are there accounting requirements the contractor must meet to receive a contract?

Yes, each contractor must:

(1) maintain an accounting system that records revenues and expenditures using generally accepted accounting principles as recognized by the American Institute of Certified Public Accountants and follow the Texas Department of Human Services financial management policies and procedures in maintaining fiscal records;

(2) maintain a chart of accounts that includes all accounts using an assigned number;

(3) maintain a general ledger;

(4) maintain supporting documentation of expenses including but not limited to:

(A) receipts or vouchers for incoming cash;

(B) bank statements;

(C) canceled checks (if provided by bank);

(D) deposit slips;

(E) approved invoices;

(F) receipts or vouchers for purchases;

(G) leases;

(H) contracts;

(I) time sheets;

(J) inventory;

(K) written cost allocation methodology; and

(L) cost allocation worksheets; and

(5) identify all funding sources and expenditures by separate fund type.

Source Note: The provisions of this §375.207 adopted to be effective July 18, 2002, 27 TexReg 6326; transferred effective October 1, 2003, as published in the Texas Register July 2, 2004, 29 TexReg 6359