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36 <br />e. Transfers to the reserve will be authorized by CDFS only once per fiscal <br />year. Upon receipt of the June final report, preliminary reserve amounts <br />will be calculated by CDFS and reported to the contractor. If the <br />contractor is an LEA, this may be the official notification provided there are <br />no further amendments. For agencies required to submit an audit to the <br />CDSS, the amount will not be final until the audit is closed by the OAS and <br />there are no outstanding billings. <br />f. Participating agencies must submit a Reserve Account Activity Report with <br />a copy of their supporting General Ledger for each reserve account <br />category type along with their June attendance and fiscal report due July <br />20. Reports not received in CDFS by July 20 shall be deemed delinquent <br />and apportionment(s) shall be withheld until the required report is <br />received. <br />g. Upon closure of a reserve account or termination of childcare and <br />development contracts, all monies in any reserve account shall be <br />returned to the CDSS. <br />V. AUDIT REQUIREMENTS <br />A. Annual Financial and Compliance Audits (WIC 10229.5, 10440, 5 CCR 18071 <br />and) <br />1. Contractors shall submit to the CDSS, Office of Audit Services (OAS), an <br />acceptable annual financial and compliance audit as follows: <br />a. The audits for school districts and county offices of education for the <br />contract period shall be submitted to the State Controller and the CDE by <br />December 15, in accordance with EC 41020 and extensions shall only be <br />granted in accordance with EC 41020.2. <br />b. The audit reports for community colleges are due to CDSS by December <br />31. <br />c. All other contractors shall submit their annual audit to CDSS by the 15th <br />day of the fifth month following the end of the contractor’s fiscal year, or <br />earlier if specified by CDSS. The audit report must meet the requirements <br />of the Audit Guide, including the requirements for childcare and <br />development specific supplementary information. If a contractor receives <br />less than twenty-five thousand dollars ($25,000) per year from any state <br />agency, the audit shall be conducted and submitted biennially, unless the <br />CDSS deems there is evidence of fraud or other violation of state law in <br />connection with the contract. If the contract is terminated during the <br />contract period, then the audit required under this paragraph shall cover <br />the period from the beginning of the contract through the date of <br />termination.