New Jersey Administrative Code
Title 16 - TRANSPORTATION
Chapter 42 - SPONSORSHIP PROGRAM
Subchapter 8 - AUDIT, RECORDKEEPING, AND RECORD RETENTION
Section 16:42-8.1 - Audit requirements

Universal Citation: NJ Admin Code 16:42-8.1

Current through Register Vol. 55, No. 48, December 18, 2023

(a) A sponsor under this chapter shall comply with the State of New Jersey single audit policy for recipients of Federal grants, State grants, and State aid defined by the Department of the Treasury, Office of Management and Budget , and the Single Audit Act of 1984 (Federal OMB Circular A-133), incorporated herein by reference, as amended and supplemented, and all requirements as set forth in the agreement. Copies of these circulars can be obtained from the New Jersey Department of the Treasury, Office of Management and Budget at http://www.nj.gov/infobank/circular/cir1508_omb.pdf or by regular mail from:

New Jersey Department of the Treasury

Office of Management & Budget PO Box 221

Trenton, NJ 08625-0221

(b) The Department shall direct that an audit of the sponsor be performed by an independent auditor or public accountant who meets the standards specified in generally accepted government auditing standards in conformity with State audit policy.

(c) Audit costs incurred by sponsors in order to comply with this subchapter are not reimbursable.

(d) The Department, or any authorized representatives, shall have access to any books, documents, papers, and records that are pertinent to the sponsorship agreement or program, for the purpose of audit and examination.

(e) A sponsor shall establish and maintain an accounting record for each sponsorship agreement or program that identifies the agreement or program costs.

(f) A sponsor shall maintain effective control over and accountability for all agreement or program funds, property, and other assets allocated for sponsorship agreement or program use. Sponsors shall adequately safeguard all sponsorship agreement or program assets and shall ensure that they are used solely for authorized purposes.

(g) The Department shall have access to the sponsor's records for purposes of accounting and audit at no cost to the Department.

Adopted by 47 N.J.R. 2307(a), effective 9/8/2015

Amended by 54 N.J.R. 1641(a), effective 8/15/2022

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