Reimbursement for net reimbursable program costs shall meet the following criteria:
(a) Costs must be incurred during the contract period.
(b) Contractors shall not use current year contract funds to pay prior or future year obligations.
(c) The cost of the annual independent audit may be claimed either in the contract period which was the subject of the audit or during the contract period in which the audit is completed.
Authority and Reference Cited:
Education Code 8261
Education Code 8269
(Added by Register 88, No. 50.)