Section 152.301

14 CFR Ch. I (1-1-19 Edition)

earned by grant-supported activities
during the grant period shall be retained by the sponsor and, if required
by the grant agreement - 
(1) Be added to funds committed to
the project by the FAA and the sponsor
and used to further eligible program
objectives; or
(2) Be deducted from the total project
cost for the purpose of determining the
net costs on which the Federal share of
costs will be based.
(b) Financial reports. The sponsor or
planning agency shall furnish, within
90 days after completion of all items in
a grant, all reports, including financial
performance reports, required as a condition of the grant.
(c) Project completion. When the
project for airport development or
planning is completed in accordance
with the grant agreement, the sponsor
or planning agency may apply for payment for all incurred costs, as follows:
(1) Airport development. When allowability of costs can be determined
under Section 152.203, payment may be made
to the sponsor if - 
(i) A final inspection of all work at
the airport site has been made jointly
by the appropriate FAA office and representatives of the sponsor and the
contractor, unless that office agrees to
a different procedure for final inspection; and
(ii) The sponsor has furnished final
 - as constructed -  plans, unless otherwise agreed to by the Administrator.
(2) Airport planning. When the final
planning report has been received and
accepted by the FAA.
(d) Property accounting reports: Airport
development projects. The sponsor of an
airport development project shall account for any property acquired with
grant funds or received from the
United States, in accordance with the
provisions of Attachment N of Office of
Management and Budget Circular A-102
(42 FR 45828).
(e) Final determination of U.S. share.
Based upon an audit or other information considered sufficient in lieu of an
audit, the Administrator determines
the total amount of the allowable
project costs and makes settlement for
any adjustments to the Federal share
of costs.

Subpart D - Accounting and
Reporting Requirements
SOURCE: Docket No. 19430, 45 FR 34791, May
22, 1980, unless otherwise noted.

Section 152.301

Applicability.

This subpart contains accounting and
reporting requirements applicable to - 
(a) Each sponsor of a project for airport development;
(b) Each sponsor of a project for airport master planning; and
(c) Each planning agency conducting
a project for airport system planning.
Section 152.303
tem.

Financial

management

Each sponsor or planning agency
shall establish and maintain a financial management system that meets
the standards of Attachment G of Office of Management and Budget Circular A-102 (42 FR 45828).
Section 152.305

Accounting records.

(a) Airport development. Each sponsor
of a project for airport development
shall establish and maintain, for each
individual project, an accounting
record satisfactory to the Administrator which segregates cost information into the cost classifications set
forth in Standard Form 271 (42 FR
45841).
(b) Airport planning. Each sponsor of
a project for airport master planning
and each planning agency conducting a
project for airport system planning
shall establish and maintain, for each
planning project, an adequate accounting record that segregates and groups
direct and indirect cost information in
the following classifications:
(1) Third party contract costs.
(2) Force account costs.
(3) Administrative costs.
Section 152.307

Retention of records.

Each sponsor or planning agency
shall retain, for a period of 3 years
after the date of submission of the final
expenditure report - 
(a) Documentary evidence, such as
invoices, cost estimates, and payrolls,
supporting each item of project costs;
and

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