<html> <head> <title>Rule 74:05:12:20 Accounting methods and audits.</title> <META NAME="Keywords" Content="Administrative Rules 74:05:12:20"> <META NAME="Description" Content="Administrative Rules 74:05:12:20 Accounting methods and audits."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p><font size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>74:05:12:20.&nbsp;&nbsp;Accounting methods and audits.</b>&nbsp; Each recipient must maintain accounting records in accordance with financial and reporting standards as promulgated by the Government Accounting Standards Board or Other Comprehensive Basis of Accounting as in effect November 5, 2004.&nbsp; Each recipient must agree to have audits performed in accordance with SDCL chapter <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=4-11">4-11</A>, and if applicable, Federal Office of Management Budget Circular A-133, Audits of States, Local Governments and Non-Profit Organizations, dated June 30, 1997, as provided in the Single Audit Act of 1984, Pub. L. No. 98-502, and the Single Audit Act of 1996, Pub. L. No. 104-156. Each loan recipient shall retain all accounting records, books, and supporting material for a period of three years after completion of the project.  Each grant recipient shall retain all accounting records, books, and supporting material for a period of three years after the end of the assistance agreement.  These accounting records must be made available for inspection by state and federal representatives upon request..</font></p> <p><font size=3 face="Times New Roman">&nbsp;</font></p> <p><font size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 31 SDR 94, effective January 5, 2005.</font></p> <p><font size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=46A-1-102">46A-1-102</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=46A-1-103">46A-1-103.</A></font></p> <p><font size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=46A-1-100">46A-1-100</A> to <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=46A-1-106">46A-1-106</A>, inclusive.</font></p> <p><font size=3 face="Times New Roman">&nbsp;</font></p> </div> </body> </html>