Subrecipients should be using business practices that have been proven from transit experience to satisfy the conditions and requirements of auditing reviews.
Required Documents and Policies: Transit specific content must be added to the general policies and procedures of government and non‐profit entities that sponsor transit. Separate policies may be necessary if transit specific content cannot be incorporated.
- Accounting Policies and Procedures
- Financial Management Procedures
- Budget Procedures and five‐year budget plans
- Cash Management and Handling (include fare counting procedures)
- Fare Collection Procedures and Policies
- Credit Card Usage
- Petty Cash Procedures
- Cost Allocation Plan/Indirect Cost Plan
Daily Deposits of Fare Revenue: Local governments and public authorities are required to deposit moneys received from fares daily. If the governing board gives its approval, deposits shall be required only when the moneys on hand amount to as much as two hundred fifty dollars ($250.00), but in any event a deposit shall be made on the last business day of the month. All deposits shall be made with the finance officer or in an official depository. A clear delegation of duties must be established when collecting and depositing fare revenues.
- Signed minutes of governing board meetings (includes budget approval)
- Transit financial reports from sponsoring agency