N.J. Admin. Code § 10:37D-2.9

Current through Register Vol. 56, No. 16, August 19, 2024

Section 10:37D-2.9 - Financial procedures

(a) Each PA shall have a system of financial internal controls to protect organizational assets and promote the goals and objectives of the organization.

(b) The system of financial internal controls shall provide reasonable assurance that:

1. Obligations and costs are in compliance with applicable laws;

2. Funds, property and other assets are safeguarded against waste, loss, unauthorized use and misappropriation;

3. All financial transactions applicable to agency operations are properly recorded and accounted for so that financial and statistical reports and accountability over the assets can be maintained and can be prepared; and

4. There is a system of checks and balances related to specific financial routine procedures and a careful separation of functions and responsibilities in authorizing, processing, recording and reviewing transactions.

(c) Each PA's financial procedures shall include, but need not be limited to, the following:

1. Well-maintained accounting records in accordance with generally accepted accounting principles; such records shall include, but not necessarily be limited to, general ledger, cash receipts and cash disbursement journals, accounts receivable and accounts payable journals, payroll register, and inventory records;

2. Up-to-date records related to client attendance and determination of client fees;

3. A methodology for monitoring the accuracy of budget projections compared to actual costs, at least on a quarterly basis; and

4. The reports to the governing board of current financial status information, at least on a quarterly basis.

(d) Each PA's written policies and procedures shall adhere to the contract accounting and reporting requirements contained in N.J.A.C. 10:3.

N.J. Admin. Code § 10:37D-2.9