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
