Sec. 151.55 - Accounting and audit.
(a) Each sponsor shall establish and
maintain, for each individual project, an adequate accounting record to
allow appropriate personnel of the FAA to determine all funds received
(including funds of the sponsor and funds received from the United States
or other sources), and to determine the allowability of all incurred costs
of the project. The sponsor shall segregate and group project costs so
that it can furnish, on due notice, cost information in the following cost
(1) Purchase price or value of land.
(2) Incidental costs of land
(3) Costs of contract construction.
(4) Costs of force account construction.
(5) Engineering costs of plans and
(6) Engineering costs of supervision and
(7) Other administrative costs.
(b) The sponsor shall obtain and retain
in its files for a period of three years after the date of the final grant
payment, documentary evidence such as invoices, cost estimates, and
payrolls supporting each item of project costs.
(c) The sponsor shall retain, for a
period of three years after the date of the final grant payment, evidence
of all payments for items of project costs including vouchers, cancelled
checks or warrants, and receipts for cash payments.
(d) The sponsor shall allow the
Administrator and the Comptroller General of the United States, or an
authorized representative of either of them, access to any of its books,
documents, papers, and records that are pertinent to grants received under
the Federal-aid Airport Program for the purposes of accounting and audit.
Appropriate FAA personnel may make progress audits at any time during the
project, upon notice to the sponsor. If work is suspended on the project
for an appreciable period of time, an audit will be made before any
semi-final payment is made. In each case an audit is made before the final
[Doc. No. 1329, 27 FR 12351, Dec. 13, 1962, as
amended by Amdt. 151-8, 30 FR 8040, June 23, 1965]