SECTION 376.209. What accounting requirements must the contractor meet?

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;

(2) follow Texas Department of Human Services (DHS) financial management policies and procedures for maintaining fiscal records, including:

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

(B) maintain a general ledger;

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

(i) receipts or vouchers for incoming cash;

(ii) bank statements;

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

(iv) deposit slips;

(v) approved invoices;

(vi) receipts or vouchers for purchases;

(vii) leases;

(viii) contracts;

(ix) time sheets;

(x) inventory;

(xi) written cost allocation methodology; and

(xii) cost allocation worksheets; and

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

Source Note: The provisions of this §376.209 adopted to be effective October 28, 2002, 27 TexReg 10044; transferred effective October 1, 2003, as published in the Texas Register July 2, 2004, 29 TexReg 6359