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Virginia Administrative Code
Title 22. Social Services
Agency 30. Department For Aging And Rehabilitative Services
Chapter 60. Grants to Area Agencies on Aging
11/21/2024

22VAC30-60-120. Basis of accounting.

Article 1
Principles and Standards for Financial Management and Accounting

A. Each area agency and all entities with which such area agency itself contracts shall report program outlays and program income on the modified accrual basis. Accordingly, expenditures are recorded when a liability is incurred (i.e., when goods and services have been received or the amount can be readily estimated), but revenue is not recorded until actually realized or recognized and collectible by the grantee/contractor or entity under subcontract in a current reporting period.

B. If the Area Agency or entity under subcontract presently maintains its accounting system on the cash basis, it must develop the necessary accrual information through analysis of pertinent documentation on hand.

C. Area Agencies on Aging shall observe the cash basis of accounting for U.S. Department of Agriculture (USDA) funding and the commodities-received basis for USDA commodities. An unbilled receivable shall not be reflected for USDA receivables.

Statutory Authority

§ 51.5-131 of the Code of Virginia; 42 USC § 3001 et seq.

Historical Notes

Derived from Virginia Register Volume 29, Issue 2, eff. October 24, 2012.

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