New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 30 - LOCAL FINANCE BOARD › Subchapter 14 - EMERGENCY SERVICE VOLUNTEER LENGTH OF SERVICE AWARD PROGRAM › Section 5:30-14.49 - Review

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The sponsoring
				agency shall have a review of the contractor administered prototypical length of
				service award plan as part of the annual audit of its books, accounts and financial
				transactions.
(b) The initial review of
				the plan shall cover the period from plan initiation to the end of the fiscal year
				for the local unit and thereafter, the fiscal year of the plan shall conform to the
				fiscal year of sponsoring agency.
(c)
				The review of a plan shall be made in accordance with the American Institute of
				Certified Public Accountant's (AICPA's) Statements on Standards for Accounting and
				Review Services, (Codification of Statements on Standards for Accounting and Review
				Services as of January 1, 1999), incorporated herein by reference, as amended and
				supplemented, subject to such qualitative inquiry and analytical procedures selected
				and performed, causing attention to questionable items, procedures or practices of a
				material nature, constituting a need for balances to be adjusted or creating a need
				for further auditing.
(d) The contractor
				shall transmit to the sponsoring agency a compilation of financial data in statement
				form providing a full accounting of all plan transactions occurring during the
				sponsoring agency's fiscal year, including beginning transactions and ending fund
				balance. The accounting for the transactions must reflect each volunteer's award and
				the date the funds were received, the beginning fund balance by investment option,
				earnings or losses incurred, administrative charges and fees assessed, any transfers
				made among funds, all deposits and withdrawals, and the ending fund balance,
				including any and all adjustments made to such plan. The contractor must also submit
				to the sponsoring agency applicable plan statements together with the opinion from
				its latest firm audit report prepared by its independent public
				accountant.
(e) The contractor shall
				furnish a letter to the Director from its independent accountant attesting to the
				adequacy of the contractor's internal controls.
(f) The contractor shall certify to the Director
				that the annual accounting data supplied to the sponsoring agency is accurate and
				complete.
(g) The independent auditor of
				the sponsoring agency shall then evaluate the sponsoring agency's records of the
				funds awarded to the volunteers and the joinder agreements against the information
				transmitted by the contractor.
(h) The
				independent auditor of the sponsoring agency shall conduct a review of the LOSAP and
				make an appropriate statement and express limited assurances thereon. The review
				shall be completed within six months of the close of the sponsoring agency's fiscal
				year. A copy of the review shall be submitted to the sponsoring agency and the
				Director. The expense of the review shall be incurred by the sponsoring agency or
				contractor as agreed upon at the time the service agreement is drawn.