Sec.8-219d-6. Financial reporting and access to records

(a) Each nonprofit corporation shall maintain complete and accurate books and records, insofar as they pertain to this program, and they shall be set up and maintained in accordance with the latest procedures approved by the Commissioner.

(b) Each nonprofit corporation shall furnish the Commissioner with financial reports on a quarterly basis on the progress of their activities as they pertain to this program. If the Commissioner finds that a nonprofit corporation has failed to meet its goals and timetables during any quarter, he shall so inform the nonprofit corporation of his findings in writing and direct them to correct the deficiency by the end of the next quarter. If, at the end of the next quarter, the Commissioner finds that the nonprofit corporation has still not met its goals and timetables, he may notify the nonprofit corporation of his intent to terminate the grant and make no further payments for eligible costs to the nonprofit corporation. The nonprofit corporation may request a meeting with the Commissioner to discuss his proposed action within ten days of his notice. Following the Commissioner's notice, payments for eligible costs to the nonprofit corporation shall be suspended until the Commissioner arrives at a decision as to whether or not to terminate such grant.

(c) At any time during regular business hours, and as often as the Commissioner may require, the Commissioner or his representatives shall be entitled to full and free access to the accounts, records and books of the nonprofit corporation relative to the grant, said permission to include the right to make excerpts or transcripts from such accounts, records and books.

(Effective December 17, 1987)