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12. GRANT ACCOUNTING AND RECORD KEEPING <br /> <br />a) General. Grantee shall maintain records and accounts consistent with generally accepted <br />accounting principles, and also shall provide for such fiscal control and fund accounting <br />procedures as are necessary to assure proper disbursement of and accounting for grant <br />Project funds. Accounts and supporting documentation relating to Project expenditures <br />shall be adequate to permit an accurate and expeditious audit. <br /> <br />a) Matching Funds. Grantee shall maintain records to demonstrate that any matching <br />contributions are not less than the amount proposed in the proposal or any subsequent <br />revision thereof. Other federal funding sources cannot be used as match. The amount of <br />Grantee’s contribution is subject to audit. <br /> <br />b) In-Kind Contributions. Some objective record as to both type and value of in-kind <br />contributions by Grantee (such as signed in-kind contribution forms) is required. When <br />the contribution is made by a third party, written evidence from the third party is <br />required as to both type and value. In-kind contribution reports must be kept on file by <br />Grantee for three years following the submission of the final financial report. <br /> <br /> <br />13. PROJECT INCOME <br /> <br />a) Reporting Income. All income earned by Grantee as part of the implementation of the <br />grant Project shall be accounted for and reported by Grantee to California Humanities. <br /> <br />a) Use of Earned Income. Any income earned from, for example, registration fees, service <br />charges, or admission fees, sales, or similar sources during the conduct of the Project <br />shall be used by Grantee for California Humanities approved Project activities and <br />should be reported in the final financial report. If the income cannot be so used, it shall <br />be used to decrease charges to the grant and to Grantee’s cost share. <br /> <br />b) Interest on Grant Funds. Grantee may not earn interest in excess of $250 on grant funds <br />in a fiscal year. <br /> <br /> <br />14. AUDITS <br /> <br />California Humanities may inspect and audit Grantee's financial accounts and records or <br />may designate a qualified person to do so on its behalf, at any time during reasonable <br />business hours and with such frequency as may be deemed necessary. Inspection and audit <br />may include prefunding visits to determine the adequacy of Grantee’s accounting system. In <br />addition, the National Endowment for the Humanities and the United States General <br />Accounting Office may conduct inspections and audits when and to the extent deemed <br />advisable. <br /> <br />FINANCIAL RECORDS MUST BE KEPT ON FILE FOR A MINIMUM OF THREE YEARS <br />FOLLOWING THE TERMINATION OF THE GRANT PERIOD. The required retention <br />period may be extended by written notification from either California Humanities or the <br />National Endowment for the Humanities. <br /> <br />This requirement also includes the right of the federal government to make an audit of any <br />third-party accounts related to the grant.