§640.180. Administrative Requirements

a)         Financial Management – The loan recipient's financial management system shall be structured under the Accounting Standards of the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (AICPA) (September 19, 1987) to maintain control and accountability over the loan funds.  The AICPA is located at 1211 Avenue of the Americas, New York, New York 10036-8775.

 

b)         Reporting – The loan recipient shall provide, at least annually, information and reports on project impact, job creation/retention, and company financial statements.

 

c)         Department Monitoring and Evaluation – Loan recipients shall permit any agent authorized by the Department, upon presentation of credentials, to have full access to and the right to:

 

1)         inspect, examine or audit any documents, papers, and records involving transactions related to a loan from the Department, including making copies thereof, and

 

2)         inspect or appraise any of the loan recipient's business assets.

 

d)         Authorizations – The loan recipient shall, upon written request by the Department issue any necessary authorization to the appropriate Federal, State or local authority or private person or entity for the release of information concerning a business or project financed under the provisions of this program, with the information requested to include, but not be limited to, financial reports, returns, or records relating to that business or project.