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735 

Federal Aviation Administration, DOT 

§ 152.307 

earned by grant-supported activities 
during the grant period shall be re-
tained 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 con-
dition 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 pay-
ment for all incurred costs, as follows: 

(1) 

Airport development. 

When allow-

ability of costs can be determined 
under § 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 rep-
resentatives of the sponsor and the 
contractor, unless that office agrees to 
a different procedure for final inspec-
tion; and 

(ii) The sponsor has furnished final 

‘‘as constructed’’ plans, unless other-
wise 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 ac-
count 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 informa-
tion 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 

S

OURCE

: Docket No. 19430, 45 FR 34791, May 

22, 1980, unless otherwise noted. 

§ 152.301 Applicability. 

This subpart contains accounting and 

reporting requirements applicable to— 

(a) Each sponsor of a project for air-

port development; 

(b) Each sponsor of a project for air-

port master planning; and 

(c) Each planning agency conducting 

a project for airport system planning. 

§ 152.303 Financial management sys-

tem. 

Each sponsor or planning agency 

shall establish and maintain a finan-
cial management system that meets 
the standards of Attachment G of Of-
fice of Management and Budget Cir-
cular A–102 (42 FR 45828). 

§ 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 Adminis-
trator which segregates cost informa-
tion 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 account-
ing 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. 

§ 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