Section 280. Audits and financial reports

Each ASAP's financial records and accounts shall be subject to local, state and, when applicable, federal audits.

All financial records shall be maintained in an orderly fashion using generally-accepted accounting procedures. The financial records shall be retained for three years after aduit unless specifically authorized by the commission for a shorter period of time.

Within 60 days after the close of the reporting period, all ASAPs shall submit to the commission an annual income statement outlining the ASAP's expenditures and revenues for the reporting period. The report periods shall run from July 1 to June 30 of each year.

The commission shall retain the authority to review and approve the accounting methods used by ASAPs. Each ASAP shall submit annually to the commission the results of a private audit by a CPA or the results of an audit performed under the unified standards in connection with a local governmental unit. The commission in its discretion may perform audits of local program in addition to or in lieu of this annual audit.

Historical Notes

Derived from VR647-01-02 § 6.6, eff. September 13, 1989; amended, Volume 07, Issue 09, eff. February 28, 1991.

Statutory Authority

§§ 18.2-271.1 and 18.2-271.2 of the Code of Virginia.