[Code of Federal Regulations]

[Title 14, Volume 3]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 14CFR151.55]



[Page 106-107]

 

                     TITLE 14--AERONAUTICS AND SPACE

 

CHAPTER I--FEDERAL AVIATION ADMINISTRATION, DEPARTMENT OF TRANSPORTATION 

                               (CONTINUED)

 

PART 151_FEDERAL AID TO AIRPORTS--Table of Contents

 

     Subpart B_Rules and Procedures for Airport Development Projects

 

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 classifications:

    (1) Purchase price or value of land.

    (2) Incidental costs of land acquisition.

    (3) Costs of contract construction.

    (4) Costs of force account construction.

    (5) Engineering costs of plans and designs.

    (6) Engineering costs of supervision and inspection.

    (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.



[[Page 107]]



    (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 payment.



[Doc. No. 1329, 27 FR 12351, Dec. 13, 1962, as amended by Amdt. 151-8, 

30 FR 8040, June 23, 1965]